Funding secured for the redevelopment of the former Daily Item building in Lynn
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Provided through a partnership between MassDevelopment and Newburyport Bank, the funding will allow the development team to convert the old newspaper building into 31 market-priced rental units and commercial space that would allow seven tenants to trade. retail on the first floor.
“It’s an important building. It’s in the middle of the arts and culture district, just steps from the train, ”said James Cowdell, executive director of the Economic Development & Industrial Corporation of Lynn (EDIC / Lynn). “We think it’s going to be very successful once it’s completed.”
“It went very 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 was stalled due to the slower-than-expected funding process.
Mass development, the state finance and development agency, provided ARC with a $ 2.8 million construction-to-life loan, in coordination with a $ 2.8 million loan from Newburyport Bank, as well as a 920 construction bridging loan $ 000.
“Redevelop and revitalize first-rate urban spaces, like the old Daily article building, is an integral part of our work to stimulate economic growth in Gateway Cities and other Commonwealth town and city centers, ”said Housing and Economic Development Secretary Mike Kennealy, Chairman of the Board of administration of MassDevelopment.
“The Baker-Polito administration is delighted that this treasured piece of Lynn’s history is once again a vital part of downtown.”
The 119-year-old building is undergoing a full restoration, which includes a new roof and new windows, an original 1900s hardwood finish, 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 loan of $ 150,000 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 said. “Something that will attract people to this area. We want to make it a lively and lively area. ”
Rauf said a few potential retail tenants have already expressed interest in the retail space, including two restaurants and a coffee shop operator.
The building was once owned by the Hastings & Sons Publishing Company, and had a printing house on the first floor, a newsroom and management offices on the upper 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 property records.
Construction on the project is underway and is expected to be completed by October 2021, Rauf said.
“The old one Lynn article 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 next to the commuter train station and provide easy access to our pedestrian downtown.
“I would like to thank MassDevelopment and Newburyport Bank for their support for this project to reallocate a building that has been vacant for several years.
Guthrie Scrimgeour can be contacted at [email protected].