Munroe Street developers pay City of Lynn $850,000 for building permit fees |
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The development team is in the midst of constructing a 10-story building with 259 market-rate apartments and 20,000 square feet of ground-floor commercial space, which will include a restaurant and retail component. Work began in November and is expected to be completed in mid-2020. “It’s a lot of money,” said Michael Procopio, co-owner of Procopio Enterprises, referring to the fees. “It’s exciting. Getting the building permit is a milestone, so it was a big deal.” The development will feature apartments priced in the mid-$2,000s, an underground garage, and a 6,000-square-foot deck with ocean and Boston skyline views. The City Council approved a $2.5 million tax break over a seven-year period for the development team through a tax incentive plan negotiated over the summer between Procopio Enterprises and Mayor Thomas M. McGee. The project is expected to produce $5 million in new tax revenue in that seven-year period. The property, which was the home of a community garden for nearly a decade, currently brings in $3,000 in annual taxes. |
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