Mixed-income housing draws more than 900 applicants
The redevelopment created 54 rental homes, including 49 affordable apartments for households earning at or below income thresholds of 30% to 60% of area median income. More than 900 applicants entered the affordable housing lottery.
REBusinessOnline reported on July 27, 2026, that the lottery had closed on July 15 and that the development was scheduled for full completion that fall.
Peabody Properties manages the apartments. Residents have access to a fitness center, in-building laundry, electric-vehicle charging stations, a playground, an outdoor courtyard and community green space. A walking trail on the property reaches an overlook of the Otter River.
A new use for a 1923 school
The former Baldwinville Elementary School dates to 1923, according to REBusinessOnline. ICON Architecture designed its conversion and a new addition, which will be certified under Enterprise Green Communities and Passive House standards. Callahan Construction Managers was the general contractor.
The housing includes lofts, studios and apartments with one, two or three bedrooms. Many occupy renovated portions of the original school.
Capstone principal Jason Korb and MPZ principal Mathieu P. Zahler said the development combines preservation of the town's history with the creation of affordable homes. Massachusetts Director of Rural Affairs Anne Gobi said the work retained many historic school features while fitting the new housing into the town's character.
State Sen. Peter Durant, R-Spencer, recalled attending the groundbreaking in June 2025 and welcomed the completed conversion as a needed addition to the town's housing.
Public and private financing
REBusinessOnline put the development cost at $36 million and described the Templeton location as about 65 miles northwest of Boston. Rockland Trust supplied $21.5 million in construction financing, the publication reported.
Other financing partners were the Massachusetts Executive Office of Housing and Livable Communities, MassHousing, National Equity Fund, the Massachusetts Historical Commission, The Life Initiative and Dorfman Capital.
The developers also received a $1.924 million Community Preservation Act award through Templeton's Community Preservation Committee. A further $750,000 came from the Underutilized Properties Program through the state's Community One Stop for Growth awards, administered by MassDevelopment.
MassDevelopment President and CEO Navjeet Bal said the agency's support also included an approximately $50,000 Brownfields Redevelopment Fund loan.
Local and state response
Templeton Select Board Chair Jeffrey Bennett said the apartments would give local residents more opportunities to stay in their community. Congressman Jim McGovern emphasized the benefit to families seeking affordable housing, while Housing and Livable Communities Secretary Juana Matias noted the Healey-Driscoll Administration's support for preserving the school and converting it into homes.
Representatives of MassHousing, Peabody Properties, Rockland Trust, National Equity Fund, The Life Initiative and Callahan Construction also welcomed the opening. The Life Initiative Vice President Brandon E. Braxton said his organization had provided predevelopment support.
