Funding secured for the redevelopment of the former Daily Item building in Lynn

0

Provided as part of a partnership between MassDevelopment and Newburyport Bank, the funding will allow the development team to convert the old newspaper building into 31 rental units at market rates and commercial space that would accommodate seven tenants. first floor.

“It’s an important building. It’s in the middle of the arts and culture district, within walking distance of the train, ”said James Cowdell, executive director of the Lynn Economic and Industrial Development Corporation (EDIC / Lynn). “We believe it will be a success once completed.”

“Everything went well,” said Hourmat Abdul, director of ARC Realty. Rauf, of construction, which started in December 2020. “We are very lucky and grateful that Newburyport and MassDevelopment have come together to fund the project. We can’t wait to open in October. “

The project was originally scheduled to start in 2018, but stalled due to the slower-than-expected funding process.

Mass development, the State funding and development agency, provided ARC with a $ 2.8 million permanent construction loan, in coordination with a $ 2.8 million loan from Newburyport Bank, as well as a 920,000 construction bridging loan dollars.

“Redevelop and revitalize first-rate urban spaces, like the old Daily article building, is integral to our work to stimulate economic growth in Gateway Cities and other Commonwealth Towns and Inner Towns, ”said Housing and Economic Development Secretary Mike Kennealy, who chairs the board of directors of MassDevelopment.

“The Baker-Polito administration is pleased that this treasured piece of Lynn’s history is once again a vital part of downtown.”

The 119-year-old building is undergoing a complete restoration, which includes a new roof and windows, a refurbishment of the original 1900s hardwood and a restructuring of its interior design. The apartments, intended for young professionals, would cost between $ 1,800 and $ 2,000 for one-bedroom units.

Cowdell said that EDIC, which also provided a $ 150,000 loan for the project, will work with ARC Realty to find tenants for the retail space that would be created.

“I would love to see a shared kitchen space there,” he says. “Something that will draw people to this neighborhood. We want to make it a noisy and lively neighborhood.”

Rauf said a few potential tenants have already expressed interest in the retail space, including two restaurants and a cafe operator.

The building was previously owned by the Hastings & Sons publishing company, and had a printing press on the first floor and a newsroom and management offices on the first floor. The building has been vacant since 2014, when the newspaper was sold to Essex Media Group and moved its offices to 110 Munroe St.

ARC purchased the 35,000-square-foot building at 38-54 Exchange St. for $ 1.4 million in December 2018 from Be Developer Group, an Atlanta-based company, according to real estate records.

Construction on the project is underway and is expected to be completed by October 2021, Rauf said.

“The old one Lynn object The building is a historic asset to our community that will now be transformed into a cornerstone of the Exchange Street corridor and serve as the gateway to Lynn’s revitalized downtown area, ”said Mayor Thomas M. McGee. “This mixed-use, transit-oriented development will be another important piece of the puzzle located next to the commuter rail station and provide easy access to our downtown within walking distance.

“I would like to thank MassDevelopment and Newburyport Bank for their support for this redevelopment project for a building that has been vacant for several years.”

Guthrie Scrimgeour can be contacted at [email protected].

Leave A Reply

Your email address will not be published.