Committee approves three‑year extension for Wayfinders’ Rainville redevelopment

The Springfield Community Preservation Committee voted to extend a $250,000 CPA commitment to Wayfinders for the Rainville Hotel/Newquot Terrace redevelopment to Feb. 28, 2029, so the nonprofit developer can complete financing and begin construction.

Wayfinders senior project manager Vandana Serene told the committee the organization submitted a low-income housing tax credit pre-application and is also pursuing state and federal historic tax credits. "So that's why we are requesting another 3 year extension," Vandana said, explaining the grant helps show local matching and leverage for larger funding applications. She said construction is expected to begin in 2027 with an 18–20 month construction schedule and that Rainville will be rehabilitated to about 44 units; Newquot Terrace and Byers Street properties account for additional units in the project portfolio.

Committee members asked for unit counts and cost questions. Vandana said Rainville will contain about 44 units and Newquot Terrace about 45 units; the broader project mix includes studios, one‑ to three‑bedroom units and roughly 16 family units. She also told members the project faces higher costs than the original 2019 plan because of added energy retrofit requirements tied to Commonwealth targets.

Chair Bob McCarroll moved to extend Wayfinders’ contract; a committee member seconded the motion. The committee voted unanimously with all present members recorded as yes. The motion extends the award’s expiration from Feb. 28, 2026, to Feb. 28, 2029; Wayfinders said it hopes to be under construction by 2027 and to not need the full extension if financing advances earlier.