(Updated on Dec. 21) The Theatre District in downtown Worcester is one of 10 Gateway Cities projects that will benefit from a $3-million award to the Boston Community Capital loan fund to support the development of mixed-use projects.
Boston Community Capital, a nonprofit community development financial institution, announced Monday it will work with MassDevelopment to allocate the money to Worcester's Theatre District and the nine other districts within Gateway Cities that are eligible for funding.
The Theatre District is a transforming part of downtown Worcester and key to wider downtown redevelopment. In June, city leaders celebrated the expansion of the Hanover Theatre, which anchors the district.
MassDevelopment said each recipient will receive enhanced technical assistance, real-estate services, and equity investments in real estate to support local visions for redevelopment through the funding.
Gateway Cities such as Worcester are mid-size urban centers with industrial histories, and are eligible for special funding for revitalization projects.
(Note: This story has been updated to clarify how funding will be used to benefit the 10 funding recipients.)