March
13, 2007
By Jill Casey/The Daily Item
The Mayo Group is vowing to turn
an old industrial building on Mount Vernon Street from
an eyesore to an eye-catching piece of funky real estate
by the end of the year.
The former industrial space will become "MV24" and
boast 31 lofts and more traditional condo spaces on five
floors. Prices will start at $300,000 and, instead of a
more traditional billboard and media campaign, Mayo Group
officials are hoping the very sight of the building and
the landscaping improvements around it will interest commuters
from the window of the train.
"Our hope is that people will be on
the train, pass it and say 'I could live there'," said
Edward O'Donnell, vice president of marketing and development
for the Mayo Group.
To begin construction late last year, crews
basically gutted the building until all that was left was
the framework. Two additional floors are being added to
the former three-story building.
|
Construction continues on the former industrial
unit on Mount Vernon Street. |
O'Donnell
said he expects to pour close to $6 million into the building
and has so far invested a total of $25 million into various
residential/commercial projects just in this city.
"The Mayo Group is still very bullish
about the future of downtown Lynn," he said. "I
think our target market is the younger, first-time home
buyer. They are drawn to Lynn for the same reasons people
were to the South End of Boston 20 to 25 years ago."
The emerging arts scene, new restaurants, proximity to
beaches and downtown Boston, make Lynn a marketable city,
O'Donnell said.
So far, most of the developments that have emerged and
put the city back on the map in recent years have been
rehabs of old buildings, but O'Donnell said they consider
24 curious about what the lofts will look like will have
the opportunity to view a model unit with all the amenities
by late spring on site. The Mayo Group anticipates occupancy
by Nov. 1, 2007. |
