Developments > 110 Canal Street
This project involves a 59,000 square-foot renovation of the historic Freudenberg building – a blighted, derelict building in the center of the Hamilton Canal District (HCD), an area in Lowell targeted for revitalization. MHIC’s New Markets financing will be used for acquisition and construction of the building to create a first-class office building and complete the physical transformation of the site. The building is one of four historic buildings within the 15-acre HCD for which the developer was selected by the City as Master Developer and the second building to be developed in Phase I of the Master Plan. The redevelopment of this building is critical to the ongoing redevelopment of the entire HCD. The project is expected to yield significant community and economic benefits, including increased wages for residents of the community and the availability of Class A office space at a lower than market rent and/or with more generous lease concessions that would be typically be available in the marketplace.
110 Canal Street
Project at a Glance:
Location:
Lowell
Development Type:
Commercial
Project Type:
Historic rehabilitation/adaptive reuse
MHIC Financing:
$10,154,073 in NMTC financing
Sponsor:
Trinity Financial
Date Completed:
12/01/2017
This project involves a 59,000 square-foot renovation of the historic Freudenberg building – a blighted, derelict building in the center of the Hamilton Canal District (HCD), an area in Lowell targeted for revitalization. MHIC’s New Markets financing will be used for acquisition and construction of the building to create a first-class office building and complete the physical transformation of the site. The building is one of four historic buildings within the 15-acre HCD for which the developer was selected by the City as Master Developer and the second building to be developed in Phase I of the Master Plan. The redevelopment of this building is critical to the ongoing redevelopment of the entire HCD. The project is expected to yield significant community and economic benefits, including increased wages for residents of the community and the availability of Class A office space at a lower than market rent and/or with more generous lease concessions that would be typically be available in the marketplace.