Historic industrial buildings have successfully been repurposed as loft housing all over the country. Directly across the street from this building the old Indian Motocycle Factory has been converted to housing. SPT has written the Mayor to encourage the city to find a developer that will restore the building for a new use.
The City sold this building in February 2020 to First Resource Development Co. Plans call for 114 apartments in a $57 million rehabilitation for the long-vacant property. Financing is expected to include state and federal low-income housing tax credits, state and federal historic preservation tax credits, and permanent debt with the Massachusetts Housing Partnership.