MassDevelopment

Developers Transform Abandoned North Andover Lot into Residential, Commercial Complex with MassDevelopment Financing

November 4, 2015


FOR IMMEDIATE RELEASE

Contacts:
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
kabbruzzese@massdevelopment.com

Bill Perkins, Bradstreet Partners LLC, 978-475-5400 X101
wperkins@hearthstonerealty.com

Joseph D. LaGrasse, J.D. LaGrasse & Associates, Inc., 978-470-3675
joe.lagrasse@comcast.net

Mark Yanowitz, Verdeco Designs, LLC, 978-409-2217
mark@verdecodesigns.com

 

Rendering of the commercial building to be built at Bradstreet on Main

MassDevelopment has provided two loans totaling $2,569,520 to Bradstreet Partners LLC, a partnership between Hearthstone Realty Corporation, JD LaGrasse & Associates, and Verdeco Designs, LLC. The developers will use loan proceeds to build Bradstreet On Main, a residential and commercial complex at the site of the former Bradstreet School in downtown North Andover. Bradstreet on Main will include residential and commercial buildings and a parking lot for residents. The residential building, to be called The SchoolHouse Apartments, will consist of 15 apartments. The 18,000-square-foot commercial building will house at least one café, retail stores, and possibly a frozen yogurt shop. The developers expect the project will create 20 jobs and support 28 construction jobs. MassDevelopment enhanced its financing with a mortgage guarantee. 

“The Bradstreet on Main project will transform a vacant lot into a vibrant hub of retail and residential activity for North Andover,” said MassDevelopment President and CEO Marty Jones. “Mixed-use redevelopments that revitalize challenging sites are at the heart of MassDevelopment’s mission, and we are pleased to support Hearthstone Realty Corporation, JD LaGrasse & Associates, and Verdeco Designs in this work.” 

Founded in 1988, Hearthstone Realty Corporation specializes in real estate development, engineering consultation, and marketing of residential and commercial properties in the Merrimack Valley. Hearthstone purchases real estate that will benefit most from expertise in engineering and marketing. Hearthstone actively seeks investments that will increase in value through a diligent development approach.

Bill Perkins of Hearthstone Realty Corporation said, “The old vacant school was an eyesore for more than a decade, and was holding redevelopment in the area back. With everything else the area has going for it, we expect a very exciting transition to the area in the next two years.”

Established in 1982, J.D. LaGrasse & Associates, Inc. focuses on residential, religious, commercial, and industrial projects ranging from neighborhood shopping centers, office building complexes, industrial facilities, churches, and multi-family neighborhoods. Joseph D. LaGrasse, the firm’s principal, has practiced architecture and designed buildings in North Andover for more than 40 years.

Joseph D. LaGrasse, principal of J.D. LaGrasse & Associates, said, "In addition to North Andover having an active Route 114 mixed-use corridor and a Route 125 mixed-use corridor, North Andover has a beautiful downtown Main Street vibrancy. With the addition of this mixed-use project, we are adding a good mixture of retail, commercial, and residential activity. This, along with bringing the Building and Planning Departments back to an expanding Town Hall, will keep the downtown active and vibrant."

Verdeco Designs, LLC is a full-service design and build firm offering architectural design, construction management, and consulting services to address the needs of living and working in the 21st century. Verdeco Designs, LLC is the general contractor for the Bradstreet on Main development. 

Mark Yanowitz, principal of Verdeco Designs, LLC, said, “North Andover Main Street has been on the up-and-up for the last number of years, as we have been directly involved with improvements to two neighboring mixed-use buildings (44-50 Main St. & 56-64 Main St.).  We feel that the central location of the Bradstreet on Main development will further reinforce the idea that Main St., North Andover is a vibrant area and a great place to both live and work."

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2015, MassDevelopment financed or managed 294 projects generating investment of more than $2.5 billion in the Massachusetts economy. These projects are projected to create about 6,100 jobs and build or rehabilitate about 2,000 residential units.