HarborOne Bank and NeighborWorks Housing Solutions partner to Redevelop 68 Legion Parkway in Downtown Brockton

Rhea-AI Summary

HarborOne Bank has transferred ownership of its former headquarters at 68 Legion Parkway, Brockton, to NeighborWorks Housing Solutions (NHS) as part of a redevelopment project called 'Liberty on Legion'. The deal, signed on June 28, 2024, aims to revitalize downtown Brockton. Pre-development will begin in 2025, with construction starting in 2026 and completing by 2028. The mixed-use property will feature a new HarborOne Banking Center, NHS headquarters, and 50-60 mixed-income apartments. Mayor Robert Sullivan praised the partnership for its community impact.

Positive

• HarborOne Bank's partnership with NeighborWorks Housing Solutions (NHS) aligns with community revitalization efforts.
• The Liberty on Legion project will include a state-of-the-art HarborOne Banking Center, NHS offices, and 50-60 mixed-income housing units.
• The redevelopment aims to enhance downtown Brockton, benefiting both middle-income and lower-income households.
• The project demonstrates a long-term commitment to the financial well-being and housing stability of the Brockton community.

Negative

• Construction won't begin until 2026, and completion is projected for 2028, which introduces significant delay risks.

Plans for the newly constructed mixed-use property will include street-level state-of-the-art HarborOne Banking Center, NeighborWorks’ new office headquarters, and mixed-income apartments.

BROCKTON, Mass.--(BUSINESS WIRE)-- As part of a collective commitment to the revitalization of downtown Brockton, HarborOne Bank recently transferred ownership of the Bank’s former headquarters, 68 Legion Parkway, to our long-time partner and tenant NeighborWorks Housing Solution (NHS). The agreement was signed on June 28, 2024, with pre-development planning commencing in 2025 and construction anticipated to begin in 2026.

Proposed Rendering “Liberty on Legion Project” located at 68 Legion Parkway (Graphic: Business Wire)

In addition to housing HarborOne’s downtown Brockton banking center, 68 Legion Parkway is also home to NeighborWorks Housing Solution’s Brockton Headquarters. For more than a dozen years, HarborOne has provided in-kind office and classroom space to NHS. During the height of the mortgage crisis of 2008, in which Brockton was particularly hard-hit, the two organizations came together to deepen and broaden their commitment to serving the needs of the community – positively impacting the lives of thousands with financial and educational resources.

“The NHS and HarborOne partnership began with the shared goal of strengthening the financial well-being of individuals and families, and stabilizing neighborhoods through sustainable home ownership,” said Joseph F. Casey, President & CEO, HarborOne Bank. “As HarborOne examined how best to meet the future banking needs of our customers, invest in the vibrancy of downtown Brockton, as well as support the development of affordable housing, the sale and redevelopment of 68 Legion Parkway in partnership with our longtime friends at NHS made perfect sense.”

“We are excited to continue to work with our long-time and valued partner HarborOne Bank to create much needed housing stock and invest in Brockton, said Rob Corley, CEO NeighborWorks Housing Solutions.” Liberty on Legion, as the project will be referred to, complements other NHS projects and will be play an integral part in the revitalization of Brockton’s historic downtown. We look forward to working collaboratively with the city, residents, and local businesses on this project.”

“Brockton, and my administration, is grateful to HarborOne Bank and NeighborWorks Housing Solutions for their innovation and collaboration,” said Mayor Robert Sullivan. “Projects such as Liberty on Legion, promote and provide stability to our community while exemplifying the synergy between the City and business leaders. I am appreciative of the relationship that I share with Mr. Casey and Mr. Corley as their leadership embodies what it means to work better together.”

HarborOne’s current downtown Brockton banking center will remain open throughout the pre-development period, and construction will be planned so that HarborOne can continue to serve its customers throughout the process. Plans for the downtown Brockton revitalization project include a street-level state-of-the-art HarborOne Banking Center, a newly reimagined office space for NHS’s Brockton headquarters, and approximately 50-60 units of mixed-income housing targeting both middle-income and lower-income households, along with ample parking in the back of the building. Estimated completion for the Liberty on Legion project is 2028.

About HarborOne Bank

HarborOne Bank, headquartered in Massachusetts, serves the financial needs of consumers, businesses, and municipalities throughout Massachusetts and Rhode Island through a network of 30 full-service banking centers as well as commercial loan offices in Providence and Boston. The Bank also provides a range of educational resources through “HarborOne U,” with free digital content, webinars and recordings for small business and personal financial education.

HarborOne Mortgage, LLC, a subsidiary of HarborOne Bank, provides mortgage lending services throughout New England and other states.

About NeighborWorks Housing Solutions:

NeighborWorks^® Housing Solutions is the leading housing service provider in southern Massachusetts. NHS has more than 70 years of combined experience in the community development field and provides services to more than 20,000 households in over 75 cities and towns across the region. In addition to building and managing nearly 900 units of mixed-income housing including for veterans, homeless families and others in need, the agency offers a wide range of housing services, including foreclosure prevention counseling, home rehabilitation loans and grants, financial coaching and first-time homebuyer workshops.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240710408553/en/

Media Contact:

Jennifer White

JLWhite@HarborOne.Com

508.895.1338 | 617.610.0123

Source: HarborOne Bank

FAQ

What is the 'Liberty on Legion' project by HarborOne Bank (HONE)?

'Liberty on Legion' is a redevelopment project of HarborOne Bank's former headquarters at 68 Legion Parkway in Brockton. It includes a new banking center, NHS headquarters, and 50-60 mixed-income apartments.

When did HarborOne Bank sign the agreement for the redevelopment of 68 Legion Parkway?

HarborOne Bank signed the agreement on June 28, 2024.

What are the key components of the 'Liberty on Legion' project?

The project features a state-of-the-art HarborOne Banking Center, new NHS headquarters, and approximately 50-60 mixed-income housing units.

When is the construction for 'Liberty on Legion' expected to begin?

Construction is anticipated to begin in 2026.

What is the estimated completion date for the 'Liberty on Legion' project?

The project is estimated to be completed by 2028.