Twain Financial Partners announced the investment of $1.6 million in federal historic tax credit equity for the historic renovation and adaptive reuse of the Charles River Speedway in Boston, MA.
The speedway is located in the North Brighton section of the growing Allston-Brighton neighborhood of Boston.
The building was listed on the National Register of Historic Places in July 2010. The 1.28-acre site includes three adjoining parcels, including the original 1899 former historic racetrack administrative building and garage facility.
Architectural Heritage Foundation is the developer and manager of the project. Upon completion, the renovations will result in an approximately 15,574 square-foot mixed use complex. Notch Brewing, a local craft brewery, will anchor the project with an onsite brewery, taproom and beer garden. The project will also feature restaurant and event spaces, office space as well as small retail stalls for local artisans, makers and food vendors. Construction began on the project in October 2019 and is expected to complete around December 2020.
“Twain is thrilled to partner with Architectural Heritage Foundation on the renovation and adaptive re-use of the historic Charles River Speedway Headquarters,” said Will Purdy, Twain’s Director of Business Development. “This mixed-use project will breathe new life into this historic complex, which has remained underutilized for years.”
“We are incredibly excited to deliver this project to the community,” said Sean McDonnell of the Architectural Heritage Foundation. “It’s been a long process to get to where we are today and we are confident that The Speedway will be a welcoming and inviting gathering space for the neighborhood, connecting the community to the Charles River and its many recreational Amenities. Additionally, AHF is proud to have partnered with the Commonwealth of Massachusetts through the Department of Conservation and Recreation’s (DCR) Historic Curatorship Program to make the Speedway project possible. Under this unique program, DCR works with private-sector curators to rehabilitate, manage and maintain historic properties in return for a long-term lease. The Speedway has been a part of the Curatorship Program since 2012.”
The Historic Tax Credit program encourages the preservation, rehabilitation and adaptive re-use of historically significant buildings. HTCs reduce federal income tax liability on a dollar-for-dollar basis.
Twain Financial Partners is an investment management firm located in St. Louis, Missouri with over $4 billion in assets under management within the public-private partnership sector. The firm works with a wide variety of investment types, specializing in tax credit, structured debt and real estate transactions. Twain works closely with financial institutions and corporations to structure and manage investments that offer both attractive economic return and social benefits.
Learn more about historic tax credits.