The top three floors of 145 Munroe Street will be converted to 18 market-rateapartments.
LYNN – The $4 million redevelopment of a downtown building into market-rateapartments is the city’s first investment under the federal opportunity zoneprogram, which provides tax incentives to encourage development in low-income communities.
Alex Steinbergh, principal of RCG LLC, a Somerville-based real estate andproperty management company, plans to convert the top three floors of 145Munroe St. from offices into 18 market-rate apartments.
RCG has been in Lynn since 2002 and Steinbergh said the company is alwayslooking for new redevelopment projects in the city.
“We’re interested in helping with the revival of downtown Lynn,” Steinberghsaid.
Lynn was approved for four opportunity zones, which encompasses most of thedowntown and all of the waterfront, according to James Cowdell, EconomicDevelopment & Industrial Corporation of Lynn.
“(RCG) is investing $3 million into the downtown and it’s another sign that theinvestment community is looking to invest in Lynn,” Cowdell said.
Originally Published on February 25, 2019 at 11:10PM
Article published originally via “opportunity zone” – Google News https://www.itemlive.com/2019/02/25/top-floors-of-downtown-lynn-building-to-be-converted-into-apartments/