FRAMINGHAM – The developers behind the Bancroft Building project will withdraw their request for a tax break, Source has learned.
Developer Washington Square Ventures approached Mayor Yvonne Spicer earlier this year for a $1.6 million tax-increment financing (TIF) agreement.
The developers had argued the TIF was needed at the 59 Fountain Street project due to an increase in environmental cleanup at the property.
The managing partner for Washington Square developers told City Councilors there were structural issues with the Bancroft Building also that required an almost $1 million fix.
Under the proposed TIF agreement, which City Council needed to approve, Washington Square Ventures would have received a reduction on its property taxes over a seven-year period.
Washington Street Ventures plan to redevelop the Bancroft Building into 160 loft-style apartments, at a cost of $82 million.
A second, new building at the site would add another 98 apartments.
Studio apartments would start at $1,500 per month, with three-bedroom units asking up to $2,700. About 10 percent of the units will be designated affordable housing.