Peabody Tapped to Manage Synergy’s Two Chestnut Pl Worcester

WORCESTER — Peabody Properties has been selected to manage Two Chestnut Place, a 22-unit affordable condominium community in downtown Worcester, developed and managed by Synergy Investments and the Planning Office for Urban Affairs. The adaptive reuse project converted a historic former bank and office building at 2 Elm St. into homeownership opportunities for moderate-income, first-time buyers. MassHousing financed $8.1 million via its CommonWealth Builder Funding program for the development.

The redevelopment preserved the property’s historic architecture while repositioning the asset for residential use, adding affordable ownership housing to Worcester’s growing downtown market. The assignment expands Peabody’s condominium management footprint as the firm continues to grow its Massachusetts portfolio.

Located at 22 Elm St. in downtown Worcester, the development is a reuse of an existing four-story building that was originally built in 1877 for residential use, expanded and converted to office use in 1960, and expanded again for further office space in the 1990s. The new housing includes six one-bedroom units, 13 two-bedroom units, and three three-bedroom units. The new housing will be less than a quarter mile from multiple Worcester Regional Transit Authority bus stops and approximately half a mile from Worcester Union Station, with access to the Framingham/Worcester MBTA Commuter Rail line.