In 2002, the City of Newburyport designated Trinity Financial developer of the former Newburyport Department of Public Works site with the goal of bringing affordable home ownership opportunities to the city. Trinity devised a plan to transform the blighted and vacant site into a vibrant community consistent in design, material and landscaping with the finest neighborhoods in Newburyport.
Foundry Square entailed the development of 20 units of for sale housing, 13 of which are affordable to first time homebuyers earning below 80% of the area median income. The remaining 7 units were sold at market rates. The plan calls for one-, two-, and three-bedroom units in four townhouse structures built around a landscaped common. The building on the north side of the square is evocative of the former Albert Russell & Sons Foundry, a landmark building in Newburyport which was once located on the site.
Type: Home Ownership
Total development cost: $7.2 million
Completion: September 2006