(To read more on the multifamily market, click here.)

LAWRENCE, MA-A six-story building whose architecture won it a spot on the National Register of Historic Places will be turned into loft-style condominiums. The development plan will bring the one of the first residential condos to this former industrial city’s downtown.

Matthew Abrams, a principal with the Abrams Group which is planning the conversion, tells GlobeSt.com that the Gleason building will be restored and renovated to create 16 two-bedroom units that average 850 sf and sell for between $150,000 and $175,000. “We think it’s a great historic Downtown with a ton of potential,” says Abrams, whose local development firm recently won approval from the city to begin the conversion process later this summer. The project should be completed in eight months.

Located at 349 Essex St., the new condos will feature wood floors, nine-foot ceilings and exposed brick detail along with two garage parking spaces. Plans also call for a complete restoration of the historic structure including the addition of a new elevator, windows, roof and safety systems. It is near commuter rail and two miles from Interstates 93 and 495. Abrams says the building will “retain all of its historic character.”

Built in the late 1800s and designed by architect Arthur F. Gray, the six-story building was recognized for its architectural significance by the National Register of Historic Places, which designated it a historic building in 1982. It has been used for business throughout much of its history.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.