MassDevelopment, a Massachusetts economic development organization that administers finance programs and real estate development services, announced a $90,000 predevelopment loan for a redevelopment project in Haverhill, MA.
The loan has been awarded to a subsidiary of Boston-based Traggorth Companies LLC (TCLLC) to help the company redevelop 37 Washington Street, a former shoe factory that was built in the late 1800s and has been languishing vacant for the last 50 years.
TCLLC plans to redevelop the 20,000-square-foot property into a mixed-use facility. The project will create 18 housing units, in addition to eight full-time retail jobs and 27 construction jobs.
The MassDevelopment funding will be used to cover the architectural and engineering costs.
TCLLC got interested in the property after it was shown to them during a Merrimack Valley housing tour in April 2013. The tour was organized by MassDevelopment and the Massachusetts Housing and Economic Development (HED) Department.
TCLLC then set up a subsidiary (37 Washington Street LLC) to manage the redevelopment, and acquired the property in Sept 2013.
MassDevelopment President and CEO Marty Jones said their developer tours show real-estate professionals properties and communities they might not see otherwise.
Jones added that the purchase of 37 Washington Street and its redevelopment is exactly the desired result, and MassDevelopment was pleased to participate in the building‚Äôs transformation from the beginning, and to fund the predevelopment work to get the project started.
The abandoned shoe factory at 37 Washington Street is close to other projects that have received funding from MassDevelopment, including the Haverhill Intermodal Parking Facility, Hamel Mill Lofts and the Hayes Building.
Dave Traggorth, founder of Traggorth Companies LLC, said they give tremendous credit to MassDevelopment for introducing them to the amazing success that downtown Haverhill represents, and for providing access to early funding for building on that success through 37 Washington Street‚Äôs revitalization into beautiful homes and retail space close to transit, parks and shopping.
During fiscal year 2013, MassDevelopment provided finance for or managed 350 such projects that represent an investment of $2.4 billion into the Massachusetts economy. These projects are expected to rehabilitate or build 800 residential housing units, and create more than 7,000 jobs.