Loan Secured for Renovation of Lowell Building
August 5, 2022 : High-Profile Monthly
Lowell, MA – MassDevelopment has provided a $2,550,000 loan for New Gorham LLC, owned by developer Leo Monteiro, to buy and renovate a vacant historic building at 80 Gorham St. in downtown Lowell into two units of ground-floor retail space with 12 market-rate apartments on the upper floors of the building.
Constructed in 1829, the building originally operated as a hotel under various names including The Lowell Hotel, City Hotel, and the Appleton House, and was later converted into a restaurant and catering facility with apartment units above. After being abandoned for nearly a decade, in 2019 the building was condemned by the City of Lowell. Construction to rehabilitate the building began in late 2021 and the building is expected to be ready for occupancy in February 2023.
“We are pleased to help developer Leo Monteiro bring this abandoned building back to life,” said MassDevelopment president and CEO, Dan Rivera. “The renovation of 80 Gorham St. is a transformative project that will bring new business and housing opportunities to downtown Lowell while preserving an important piece of the city’s history.”