Traggorth to Redevelop Vacant Haverhill Building With MassDevelopment Loan
March 24, 2014
FOR IMMEDIATE RELEASE
MassDevelopment has provided a $90,000 predevelopment loan to 37 Washington Street LLC, a subsidiary of real estate firm Traggorth Companies LLC (TCLLC), to help the company redevelop 37 Washington Street in Haverhill. Originally a shoe factory built in the late 1800s, the 20,000-square-foot building has remained vacant for 50 years. TCLLC plans to transform the building into a mixed-use facility with 18 housing units, eight full-time retail jobs, and 27 construction jobs. Predevelopment funding will finance architectural and engineering costs.
TCLLC acquired the property in September 2013 after having seen the building during a Department of Housing and Community Development and MassDevelopment Merrimack Valley housing tour that took place in April 2013. The building is also near other projects that received MassDevelopment financing: the Haverhill Intermodal Parking Facility, the Hayes Building, and Hamel Mill Lofts.
“Our developer tours show real-estate professionals communities and properties they might not see otherwise, and the purchase and redevelopment of 37 Washington Street is exactly the desired result,” said MassDevelopment President & CEO Marty Jones. “We are pleased to participate in this building's transformation from the beginning and fund the predevelopment work to get this project going.”
TCLLC is a Boston-based real estate firm that provides advisory services for residential, commercial, and mixed-use ventures. The company works with property owners seeking to improve underused real estate assets, developers who find it more efficient to contract with TCLLC, investment groups looking for representation in evaluating and executing estate transactions, and government agencies seeking expertise to negotiate developer agreements and monitor progress of high-priority large real estate ventures.
Dave Traggorth of Traggorth Companies said, “We give tremendous credit to MassDevelopment for introducing us to the amazing success that Haverhill’s downtown represents and providing access to early funding to build on that success through the revitalization of 37 Washington Street into beautiful new homes and retail close to transit, shopping, and parks.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2013, MassDevelopment financed or managed 350 projects generating investment of more than $2.4 billion in the Massachusetts economy. These projects are projected to create more than 7,000 jobs and build or rehabilitate 800 residential units.