Lowell, MA – Preservation of a registered historic landmark has begun, following completion of predevelopment funding for the Lowell Legacy Hotel.
The project’s architect is Jozokos Architecture Inc., and the developer is Athenian Corner Inc.
The five-story building, built between 1896 and 1905, was recently declared eligible to receive federal tax credits for historic preservation. The new Lowell Legacy Hotel will contain 52 guestrooms as well as banquet facilities.
Funding was arranged by the Cherrytree Group of Newton, that is managing the syndication of the tax credits through a fund created for development in economically distressed cities, known as Opportunity Zones.
Hampton Financial Partners funded $825,000 in predevelopment capital to the project.
The Panagiotopoulos family, which owns the restaurant, teamed up with Madison Security Group, and with the assistance of the funding from Cherrytree’s affiliate Hampton Financial Partners, was able to begin rehabilitation of the restaurant — adding a boutique hotel, thar will be the only one of its kind in downtown Lowell.
The Opportunity Zone program was established by Congress last year to encourage development in economically challenged areas of the nation. Lowell was one of the cities that received designation in 2018, and this project is one of the first to begin in the city.
For roughly 42 years, the Athenian Corner Restaurant has stood as a landmark dining destination in Lowell.