Greystar has secured a $3.8 million Housing Development Incentive Program (HDIP) award from the Massachusetts Executive Office of Housing and Livable Communities to advance its plans for the long-vacant Whittenton Mills site at 437 Whittenton St. in Taunton, MA. The funding will support the conversion of the historic industrial property into a 390-unit apartment community that is expected to be the largest modular residential project in Massachusetts.
The Whittenton Mills property has sat unused for years, and the redevelopment marks a significant step in bringing new multifamily housing to Taunton. Backed by the HDIP award, Greystar plans to reposition the site as a modern apartment community, using modular construction to deliver a substantial number of new units in a single project. The initiative adds new market-rate housing options in a city that the state has identified as a priority for expanded residential growth.
HDIP is a statewide program designed to help Gateway Cities such as Taunton attract private investment for market-rate housing. The initiative provides financial incentives that can be used to offset the high costs of new construction and large-scale rehabilitation, particularly at properties like Whittenton Mills that require substantial redevelopment to return to productive use. By narrowing the feasibility gap, HDIP is intended to encourage projects that increase the diversity of housing stock, stimulate economic activity, and stabilize surrounding neighborhoods.
Program guidelines emphasize both new ground-up housing and the restoration or repositioning of existing structures. In the case of Whittenton Mills, the HDIP award is targeted at supporting a project that combines historic revitalization with new residential capacity, reinforcing the state’s broader effort to direct investment into underutilized urban properties. State officials view these awards as a tool to catalyze private development in locations that can accommodate higher-density housing.
Ryan Souls, managing director of development at Greystar, said the company views the award as recognition of the project’s importance to Taunton’s housing pipeline. He noted that the incentive from the Commonwealth underscores how the Whittenton Mills redevelopment can help address the region’s housing shortage while bringing new life to a site that has served as a local landmark for generations. Souls added that the project is positioned to significantly expand housing opportunities in the city and complete the transformation of a historic property into a contemporary residential community.
As the largest modular residential undertaking in the state once built, the 390-unit community is expected to play an outsized role in adding new supply to Taunton’s market-rate housing inventory. Combined with the state’s HDIP support, the project highlights how public incentives are being deployed to revive legacy industrial sites and advance housing production initiatives in Gateway Cities across Massachusetts.
