Gov. Maura Healey, U.S. Rep. Richard Neal, Secretary of Housing and Livable Communities Juana Matias, Mayor Domenic Sarno, state Sen. Adam Gomez, state Reps. Carlos Gonzalez and Bud Williams, members of the Springfield City Council and First Resource Companies leadership cut the ribbon on the Residences at the Vault.
Reminder Publishing photo by Sarah Heinonen
SPRINGFIELD — Original parquet floors, fireplaces and oversized windows in the living spaces. In the foyer, light streams through a skylight ceiling, shining on a raised central flower bed. On the far side of the foyer is a heavy locking metal door that gives the apartment building its name: Residences at the Vault.
The building at 300-310 State St. was once the Federal Land Bank, one of 12 throughout the country. It granted loans to farmers from when it was built in 1924 until is closed in 1975. The state located the Department of Transitional Assistance for a few decades. After sitting vacant for several years, First Resource Companies, a housing development and management company, purchased the building for redevelopment in 2022.
Down the street, another building with a long history sits at 195 State St. The one-time Springfield Fire and Marine Insurance Company was later home to the Springfield School Department. First Resource has redeveloped the 1905 building in Merrick Park Apartments. Both are income-restricted buildings. The Vault is fully occupied with an active waitlist, while the lottery for the Merrick Park Apartments closes on Sept. 8.
The Vault offers a mix of studio, one-bedroom and two-bedroom apartments, totaling 60 units. Merrick Park Apartments contains 62 units, including studios and apartments with one, two and three bedrooms.
“So, 122 new homes right here in Springfield. You know, this is what this is about,” said Gov. Maura Healey. “When I started a few years ago, we had a shortage of about 220,000 homes. No wonder rents and housing costs were so high.” Healey said legislation, like the Affordable Homes Act, has spurred housing development through tax credits and incentives, making it easier to build accessory dwelling units and office to residential conversions. She said permitting times have been cut from one year to 30 days, and 130,000 homes were completed or are in the process being built since she came to office.
Mayor Domenic Sarno credited tax credit programs, both those created by U.S. Rep. Richard Neal and those from the state level for “helping close the funding gap” on projects like the Vault and Merrick Park Apartments. He added, “Gov. Maura Healey’s historic housing bill has been an incredible boost to help build more affordable housing.” The city contributed $1.4 million of its funding from the federal American Rescue Plan Act and HOME Investment Partnerships program. Sarno also expressed gratitude for the collaboration between the Springfield Redevelopment Authority and the City Council. First Resource Companies founder, President and CEO Gordon Pulsifer said the City Council is supportive but “not without questions.”
“We try to honor the past,” Pulsifer said, later adding, “It’s not about profit. It’s about preservation. These buildings are expensive to renovate,” said Pulsifer. “We’re talking about communities that our parents can live in and feel safe about their families. Home is a big word for our company.”
“We do a lot of historic buildings,” Senior Vice President Gretchen Helger said about how the company identifies buildings to redevelop. She cited the former Indian Motorcycle factory in Mason Square and the one-time Knox Automobile Company location on Wilbraham Road, both of which were redeveloped into apartments by First Resource Companies.
Gary Nelson, vice president of facilities, said the company operates 13 developments with more than 2,000 units in Springfield. The latest two building redevelopments represent an $80 million investment. Referring to Pulsifer, Sarno said, “He does damn good work.”
State Sen. Adam Gomez presented a citation from the Senate on behalf of himself and state Sen. Jake Oliveira. State Reps. Carlos Gonzalez and Bud Williams also spoke at the event. City Council members attended the ribbon cutting, including Council President Tracye Whitfield, At Large City Councilor Katari Walsh, Ward 8 City Councilor Zaida Govan and Ward 3 City Councilor Melvin Edwards.
For more information about First Resource Companies of the lottery for Merrick Park Apartments, visit firstresourcecompanies.com.
