Historic MA Building Begins Rehabilitation, Expansion Process
- Jan 08, 2019
Cherrytree Group has arranged financing for the restoration of a registered historic landmark in Lowell, Mass. The rehabilitation of Athenian Corner Restaurant includes the addition of a 52-key hotel dubbed Lowell Legacy Hotel. Work has already begun following the completion of the $825,000 loan. Athenian Corner Inc. is the developer of the mixed-use project, while Jozokos Architecture Inc. serves as the architect.
Located at 207 Market St. in the city’s downtown area, Athenian Corner Restaurant is near Lowell National Historical Park and roughly 1 mile from the University of Massachusetts Lowell. For more than four decades, a Greek family has owned the five-story building, which was built between 1896 and 1905. After it was recently declared eligible to receive federal tax credits for historic preservation, the owner partnered with Madison Security Group and secured the funding from Cherrytree affiliate Hampton Financial Partners.
The revamp is possible through the Opportunity Zone program established by the Congress last year to encourage development in economically challenged areas of the U.S. The Athenian project is one of the first of this kind to begin in the city.
Image courtesy of Cherrytree Group