MassDevelopment has partnered with Reading Cooperative Bank to provide $6.6 million in loan financing for the redevelopment of two vacant buildings in Lawrence, Massachusetts. The project involves converting the buildings into a new five-story mixed-use building with ground-floor commercial space and 24 market-rate apartments, one of which will house a food hall featuring multiple restaurants.
The loan was structured as a 50/50 participation between MassDevelopment and Reading Cooperative Bank, backed by MassDevelopment’s guarantee. Construction is set to commence July 2023 and expected to be completed by June 30th 2024.
This investment marks an important step forward for Lawrence’s revitalization efforts as it brings much needed development projects that will create jobs while providing housing options for local residents looking to stay close or move back home after college or other life events occur away from their hometowns
