MassDevelopment Makes $2.8 Million New Markets Loan to Renovate Historic Plummer Building in Downtown Worcester
May 6, 2010
Kelsey Abbruzzese, MassDevelopment, 617-330-2086
MassDevelopment has made a $2.8 million commercial real estate mortgage loan to 184 Main Street Associates LLC, which will use the funds to purchase and renovate the formerly vacant Plummer Building in downtown Worcester. The five-story, 21,019-square-foot building at 180 Main Street, originally built in 1890, will be converted to commercial office space for the Central Massachusetts District Attorney's Office. Nearly 100 employees from the District Attorney's Office will move to the new space when construction is complete later this year.
â€œWe're pleased to support the redevelopment of this historic building,â€ said MassDevelopment President and CEO Robert L. Culver. â€œRenovating the Plummer Building will bring dozens of employees to the area and represents a significant investment in Worcester's downtown, while continuing to revitalize this stretch of the North Main Street corridor within the City's Central Business District.â€
The partners of 184 Main Street Associates include Raymond Mantyla and Robert and Katherine Oftring. The same group also recently purchased and renovated the adjacent building at 184 Main Street, which now houses the Law Library for the Worcester Trial Court and the businesses of two of the partners. Both buildings are located directly across from the new Regional Justice Center.
â€œWithin the current atmosphere of tight commercial lending policies among financial institutions, we are grateful for the availability of this New Markets Loan Fund through MassDevelopment,â€ said Robert J. Oftring, Managing Member, 184 Main Street Associates, LLC. â€œAs a result of this loan, a vacant building will be renovated into another bustling office building along North Main Street. These funds also allow for the completed development of the Thule-Plummer Historical District, adding to the historical flavor of downtown Worcester.â€
The District Attorney's Office will occupy the entire building under a new 10-year lease with the Commonwealth of Massachusetts. Funds for the construction-to-permanent loan come from MassDevelopment's New Markets Loan Fund, which specifically targets real estate investments in urban census tracts.
MassDevelopment, the state's finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2009, MassDevelopment financed or managed 229 projects statewide representing the investment of nearly $1.2 billion in the Massachusetts economy. These projects are supporting the creation of 1,488 new housing units and 8,232 jobs: 3,362 permanent and 4,870 construction-related.