Moby Dick Building project closer to construction with state support

NEW BEDFORD — New construction will give the historically significant Moby Dick Building new life…

NEW BEDFORD — New construction will give the historically significant Moby Dick Building new life through the creation of 45 mixed-income units with ground floor retail space.

With the recent announcement that the state Department of Housing and Community Development will support the project with federal and state low-income housing tax credits and subsidy funds, a key component to completing the project is in place, according to New Bedford Development Corporation President Steven Beauregard.

Beauregard said the new construction will be a five-story mixed-income high-rise at the corner of Union and North Second streets. The rest of the project will be an adaptive re-use of the property. The project will provide rental housing for area workers.

“It’s a workforce development project,” he said. “We’re trying to get workers who are making say $50,000 a year into nice housing downtown so they can live and work down here. That’s really the goal.”

The Moby Dick Building will have eight units in it, and the remaining units will be located in the five-story building with an open floor plan on the top for renters who want to sit outside downtown and look out over the water.

The New Bedford Development Corporation joined forces with co-developer E3 Development, LLC, led by president and founder Eliza Datta due to her experience with this kind of mixed-use development project in Greater Boston, Beauregard said.