MassDevelopment recently issued a $6.9 million tax-exempt bond to support LEO Inc.’s conversion of its headquarters into a preschool in Lynn, MA. This project will serve 270 students and includes the renovation of 15 classrooms, a commercial kitchen, gross motor room, and multipurpose room. The bond was purchased by Eastern Bank, reducing LEO’s cost of capital.
According to MassDevelopment president and CEO Dan Rivera: “Expanding affordable early education and child care not only benefits kids and families but also creates jobs for the community.” The organization is excited about the opportunity for LEO Inc. to transform their building into an engaging learning environment for students.
In addition to classroom renovations, two playgrounds will be expanded and the entire building will become ADA-accessible as part of this project. Demolition began in June 2023 with plans for the preschool to open in January 2025.
This significant investment aims at expanding child care options in Greater Lynn while positively impacting local employers through job creation opportunities.
