Worcester Business Journal Reports First Residents Arriving September 1
Synergy’s conversion of the former Fallon Health headquarters in Downtown Worcester is complete, with the first residents moving into Altitude Worcester on September 1. The project was covered by the Worcester Business Journal, which reported it as the largest office-to-housing conversion in the state.
198 Apartments in a Reimagined 11-Story Tower
Formerly known as One Chestnut Place, the 11-story building now holds 198 market-rate apartments — 74 studios, 84 one-bedrooms, and 40 two-bedrooms, ranging from 404 to 1,211 square feet. Residents have access to a rooftop deck, swimming pool, fitness center, reservable dining room, coworking space, underground parking, and a pet spa. Interiors feature quartz counters, custom closets, soft-close cabinetry, and tiled showers. Boston-based Charlesgate serves as property manager.
“Altitude represents the largest office-to-residential conversion in Massachusetts, and a model for how Worcester and other cities can turn underutilized office space into vibrant new housing,” said Dave Greaney, Founder and CEO of Synergy.
A Public-Private Model for Housing Production
The approximately $73 million redevelopment drew support from across the public and private sectors, including financing from Washington Trust, a Housing Development Incentive Program tax credit bridge loan from MassDevelopment, an HDIP award and Commercial Conversion Tax Credit from the Massachusetts Executive Office of Housing and Livable Communities, and a 15-year tax increment exemption from the City of Worcester. That support reflects a broader state push, backed by the Healey Administration, to convert underused office space into housing and ease Massachusetts’ supply shortage.