The state released a $125,000 allocation to move the St. Mary's project along.
The City Council accepted the grant from the state on Tuesday and the money will fund upgraded infrastructure to the project and preserve the terracotta roofing and campanile tower. The project is being undertaken by CT Management and is transforming the St. Mary the Morningstar property into 29 market-rate housing units.
With a new investor on board, CT Management has just about all of its funding in place to redevelop the St. Mary the Morningstar campus.
Developer David Carver purchased the property at the end of 2017 with plans to transform the historic property into 29 market-rate housing units. Since then the company has been working on securing the financing need to preserve the buildings, transform the interiors, while still making economic sense. The project is estimated to cost more than $6 million.
The Dowlin Block at 101-107 Main was purchased on Wednesday for $615,000 by Dowlin Building LLC. Two members of the group also bought the historic Porter and Tower building on Eagle Street last November for $60,000 as Eagle Street Holdings LLC.