“It’s a big investment,” Jim Cowdell, EDIC executive director, said. “We believe it will have a huge impact on the neighborhood.”

Peggy Phelps of NDA led the tour of the units. There is a laundry room and each unit is provided with storage space in the basement. The bathrooms have tile floors and the kitchens include stainless-steel appliances. There are two versions: The 775-square-foot loft includes a living room, bedroom, bathroom, closets and kitchen; the 548-square-foot-loft is more of a studio-apartment-style living space.

There will likely be a gallery in the 33 Central building, which is conveniently located near the commuter rail station.

“It was great to hear positive feedback from businesses and residents in the area,” said Charles Gaeta, EDIC board chair. “This building is significant in the continued revitalization of the Central Square neighborhood.”

The lofts will sell for $70,000 to $130,000. Interested buyers may receive financial assistance from NDA.

“We can work with them by giving them different options for loans,” Phelps said.

EDIC, a nonprofit corporation that acts as Lynn’s development bank, was established under a state mandate in 1977. EDIC helps existing companies and works to bring new businesses to the city. EDIC offers loans at very competitive rates.

NDA is the development arm of the Lynn Housing Authority & Neighborhood Development. It is a private, nonprofit agency which serves low-to-moderate income families through providing housing opportunities and encouraging economic independence. NDA, which was formed in 1979, has developed property and provided affordable housing options in some of the lowest-income areas in the city.

Daphnee Puryear may be reached at dpuryear@itemlive.com.