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MassDevelopment and The Savings Bank of Wakefield have partnered in a 50-50 financing partnership for two downtown Lawrence real estate projects that add a combined 58 units of market-rate housing in downtown Lawrence.
EB Associates received $4.87 million to buy and renovate 578-590 Essex St. The project includes conversion of the vacant two upper floors into 30 units of market-rate apartments, and retention of 10 retail spaces on the ground floor.
And Methuen Street Realty received $2.7 million to redevelop 578-590 Essex St. into 28 market-rate apartments that are now fully leased.
Both properties are located in Lawrence’s Transformative Development Initiative zone, part of a MassDevelopment program that encourages economic development in dense, walkable neighborhoods in Massachusetts’ Gateway Cities.
“Through this partnership with MassDevelopment, we can help create neighborhoods with strong and resilient local economies. The revitalization of these buildings is a significant step in this direction,” The Savings Bank CEO Bob DiBella said in a statement.
Lawrence officials have made a priority of encouraging housing production in the downtown area to revitalize the business district.
