Local Developer to Transform Leominster Mill with $5M MassDev Loan

| May 14, 2015 | 0 Comments

Leominster, MA – MassDevelopment has provided a $5 million loan to The Lofts at City Place LLC, which will use the proceeds to rehabilitate an abandoned mill building in downtown Leominster. Local developer Jim Whitney will convert the 88,000sft, two-story building at 108 Adams Street into 51 units of market-rate housing. The building’s first floor will have 10,000 sf of commercial space, all of which has been leased. Whitney expects the project will create seven jobs and support 24 construction jobs.

 

This project is the second of a two-phase rehabilitation of the former mill site. A fire destroyed several buildings on the property, and only two buildings remained standing. The first phase of the rehabilitation converted the other building – at 98 Adams Street – to professional office space, which is now 90% occupied and created 50 jobs in Leominster. MassDevelopment provided two loans – a $2.68 million construction-to-permanent mortgage loan and a $60,000 brownfields loan – for that project.

 

“The Lofts at City Place is a terrific example of how residential and commercial space can benefit each other in our gateway cities,” said Marty Jones, MassDevelopment president and CEO. “MassDevelopment supports Jim Whitney, who has a terrific track record, so he can restore life to the abandoned mill and create housing in downtown Leominster.”

 

“The rehabilitation of 98 Adams Street was a successful first step towards converting the old mill into usable, attractive space,” said Jim Whitney. “I’m excited to begin construction of the second building, and I’m thankful for the support of MassDevelopment as we continue to work together to revitalize this property.”

 

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Category: All, Financial, Real Estate, Restoration/Renovation