Cornerstone Bank

Madigan worked with Cornerstone Bank to restore the former Worcester Fire Alarm and Telegraph Building, located in historic Elm Park and built in 1925 but abandoned for many years before this project, to its former glory.  This project was awarded the Worcester Chamber of Commerce’s Silver Hammer Award, in recognition of its “extraordinary visual and esthetic impact on the city’s visual landscape”, and acknowledgement of the fact that it has brought new life to one of the city’s most historic assets.  It also was awarded the Preservation Award for adaptive reuse, rehabilitation and restoration by the Massachusetts Historical Commission.

Extensive renovations and an addition resulted in banking space, as well as a community room which can be used by all city residents and local groups for functions.  To take advantage of significant federal and state historical tax credits, Madigan needed to balance an effective adaptive reuse of the structure, while maintaining many of the building’s historical characteristics.  We worked closely with the retained tax credit consultant to achieve this.  The site proved to be extremely challenging due to its topography, shape, and the fact that it was in a historic Frederick Law Olmstead designed parkland with many restrictions, but the project was completed successfully.

Highlights

• Renovation of a historic, long abandoned building in historic Elm Park
• Recipient of the Worcester Chamber of Commerce’s Silver Hammer Award
• Completed building includes a bank branch as well as a Community Room for city functions
• Project involved significant historical renovation work