MassDevelopment Loan Aids Redevelopment of Former Magnavox Building in Haverhill
November 16, 2020
FOR IMMEDIATE RELEASE
Kelsey Schiller, MassDevelopment, 617-694-9695 (cell)
Ted Ammon, 27 Washington Street, LLC, 617-595-8229 (cell)
|21-27 Washington Street in Haverhill|
MassDevelopment has provided a $2 million loan to 27 Washington Street, LLC for the redevelopment of the former Magnavox building at 21-27 Washington Street in Haverhill. The organization will use loan proceeds to renovate the building, which was previously vacant, into two ground-floor commercial units and nine market-rate rental housing units to be located on the three upper floors.
“This project will preserve the former Magnavox building’s status as a treasured landmark while creating new housing and retail space on downtown Haverhill’s main thoroughfare,” said MassDevelopment President and CEO Lauren Liss. “MassDevelopment provided loan financing for similar redevelopment efforts at 37 Washington Street and 81-87 Washington Street, and we’re proud to see how this type of project not only breathes life into an underutilized building, but also creates small business opportunities, provides foot traffic, and adds vibrancy to the city.”
In 2018, MassDevelopment provided $5.6 million in loans to help Traggorth Companies LLC buy and redevelop the long-vacant historic building at 81-87 Washington Street in Haverhill into The Granville, featuring approximately 3,135 square feet of ground-floor retail space and 24 upper-floor market-rate apartments. In 2014, MassDevelopment provided a $90,000 predevelopment loan to help Traggorth Companies LLC redevelop 37 Washington Street in Haverhill into JM Lofts, featuring ground-floor businesses Battle Grounds Coffee and The Switchboard and 18 upper-floor market-rate apartments. All three projects – 21-27 Washington Street, 37 Washington Street, and 81-87 Washington Street – were a focus of MassDevelopment’s Transformative Development Initiative (TDI), a program designed to accelerate economic growth within focused districts in Gateway Cities. As a graduated TDI district, from 2015-2018 downtown Haverhill received a range of real estate and related services to support local visions for redevelopment and to catalyze and leverage investments and economic activities.
The first floor of the historic former Magnavox Building was occupied by Haverhill TV and Appliance from the early 1900s until September 2019. The building’s three upper floors served as office space and warehouse storage, but have been vacant for years. The building was one of the last remaining vacant buildings in Haverhill’s Washington Street Shoe Historic District and prime for redevelopment. 27 Washington Street, LLC purchased the building in late 2019, spent approximately one year in planning and entitlement, and recently began construction in September 2020.
“I am beyond excited to play a part in Haverhill’s growth,” said 27 Washington Street, LLC Owner Ted Ammon. “The city has been undergoing a lot of change over the past decade, and I was looking for a way to play a role in that. I had been searching for the right opportunity for years, and finally found it here with this project. Washington Street is full of great restaurants and retail - the energy here is amazing. I look forward to seeing the downtown continue to thrive.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2020, MassDevelopment financed or managed 341 projects generating investment of more than $2.69 billion in the Massachusetts economy. These projects are estimated to create or support 10,871 jobs and build or preserve 1,787 housing units.