After over three years and some extensive construction work, what was once a massive, century-old bank and office complex in Springfield is opening up for its latest act — housing.
Across from Springfield Technical Community College, conversion work on the old Kavanaugh Furniture building is coming along while further down State Street, a former Masonic Temple-turned-office building is being rehabbed as well.
It’s been a trend for some time now in the City of Homes – former landmarks turning into housing - and on Monday, some of the latest efforts got a formal unveiling.
“Welcome to the grand opening for the Residences at The Vault and Merrick Park Apartments,” said Michael Pulsifer, vice president of the First Resource Development Company. “Today, we celebrate the completion of two significant redevelopment projects, resulting in 122 new homes located here, on State Street in Springfield.”
Pulsifer was among the officials welcoming the public into 310 State Street Monday - what was once the massive Federal Land Bank building that oversaw one of city’s busiest streets, now “The Vault.”
Built in the 1920s, it sat vacant for a time almost a century later, before First Resource purchased it for a $1.6 million four years ago, according to the Springfield Republican newspaper.
It’s now a sprawling structure with affordable and workforce units scattered throughout, plus some remnants or tributes to yesteryear — complete with a main hall chandelier and an old bank safe door.
The structure’s steeped in history, Pulsifer said.
“Following the creation of the federal land bank system, with President Woodrow Wilson's signing of the Federal Farm Loan Act in 1916, the federal government instituted the country's first dependable and adaptable source of credit to American farmers,” he recounted. “This act created a system in which 12 federal banks were created throughout the country. The 1st district was the New England States and the city of Springfield won the bid to house the bank over any other competitor in the Northeast…”
The Vault’s sister development at the former Springfield school department building — now the Merrick Park Apartments - is just across the street. Both structures were the recipient of some $16 million in federal, low-income housing tax credits and aid from the recent housing bond bill signed by Governor Maura Healey, according to First Resource.
“I want young families to be able to stay - I want Springfield residents to be able to live and work in Springfield, and that's what we're trying to do and support all across the state,” Healey said after a tour Monday, referencing the $5.1 billion legislation.
It’s also not the first venture by First Resource to collect such support, either. As Springfield Mayor Domenic Sarno mentioned, the former Firestone, Knox Automobile and Indian Motorcycle buildings have also been converted by the company, adding at least 300 units to the city.
“As Frank Sinatra would croon, ‘the best is yet to come,’ but this is quality housing, workforce development housing… and we're going to keep it going,” the mayor said. “Just look at the work that has been done just up on Mason Square, with the old Indian Motorcycle building and the decrepit Firestone/Knox building - [after] nearly three decades, all completely renovated.”
For the latest developments, the city kicked in about $1.4 million, Sarno says.
Springfield City Councilor At-Large Kateri Walsh tells WAMC it’s the kind of aid that helps get projects across the finish line.
“Yes, you got money from state, federal, everything, but it's the city council that kind of pulls it over … we have to approve all the permits, the zone changes, work with the neighborhood councils,” she said. “There are 13 of us, so to get a consensus is not an easy job.”
Giving credit to Gordon Pulsifer, First Resource’s founder, she added that the Merrick Park building’s name carries some historic heft, as well.
“By naming the building Merrick Park, he's naming it after Solyman Merrick, who invented the monkey wrench,” Walsh added. "[Pulsifer’s] interested not only in the neighborhood, but our history, and that reminds us of all the Springfield firsts.”
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WAMC notes several inventors have been considered the creator of the “monkey wrench” over the years.
Some have referred to Loring and Aury Coes as the first to invent such a device. In terms of patents being granted, Mr. Merrick’s wrench (or wrenches) appear to predate the first patented Coes wrenches.
According to the Directory of American Tool and Machinery Patents, though, the “first U.S. adjustable wrench patent” was issued to another Springfield resident – Henry King – in 1832.
