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Dubbed as Brockton's 1st Skyscraper! Owner will consider a Joint Venture(JV). The property presents many mix use opportunities particularly for Transit Oriented Development(TOD) due its close proximity to Brockton Commuter Rail Station and Brockton Area Transit (BAT) Station. The property is located at signalized intersection at the corner of Montello and Centre St. which is directly across the street from The Trinity Group 100 Million Dollar Mix Use development of the former Brockton Enterprise Campus and The Corporate Headquarters of W.B. Mason. Other nearby projects include: UMASS Boston, Bridgewater St. University and Massasoit College Collaborative Campus and Renovation of City Hall Plaza. Property may qualify for Federal , MA Historical Tax Credit which could provide up to 20% of the cost of rehabilitation expenditures and M.G.L. Chapter 40-V Housing Development Incentive Program for Gateway Cities which could provide up to $2,000,000 in Housing Development (HD) Tax Credit.
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http://www.enterprisenews.com/news/20160524/old-brockton-furniture-building-to-become-apartments-retail-space
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The Brockton Furniture building project will cost between $15 million and $20 million, said Ted Carman, president of Concord Square Planning and Development. But construction could take 18 months to three years to begin, depending the earliest availability of state and federal historic credits, which the company is applying for, Carman said.
BROCKTON – A major Boston-based real estate development group has committed to renovating an underutilized, aging eight-story building in downtown Brockton, located just steps away from the city's downtown commuter rail station.
Concord Square Planning and Development said it plans to turn the Brockton Furniture building, located at the corner of Centre and Montello streets, into 50 apartments with commercial real estate on the ground floor. The renovation project also includes a two-level garage in back of the building, the company said.
The Brockton Furniture building project will cost between $15 million and $20 million, said Ted Carman, president of Concord Square Planning and Development.
"It's going to be expensive," said Carman, adding that the cost is worth it. "We think this is a great building. A lot has been accomplished already in downtown Brockton ... We're happy to be here."
But construction could take 18 months to three years to begin, depending the earliest availability of state and federal historic credits, which the company is applying for, Carman said.
"That takes time," he said.
The redevelopment plans were announced before a crowd of city officials on Tuesday who gathered across the street from the Brockton Furniture building at the new Enso Gallery, which was built last year as part as part of the $60 million Phase 1 of the two-part Enterprise Center project.
The Brockton Furniture building announcement was attended and supported by representatives from MassDevelopment, which is in discussions about providing a predevelopment loan to pay for upfront costs, Carman said.
"This is the first step on what will be one of the most exciting projects to ever happen in downtown Brockton," said Brockton Mayor Bill Carpenter. "This is bringing a major Boston developer with extensive experience, particularly in the area of historic tax credits ... and all the other programs that are necessary."
The architectural team that will design the renovation project is called tat, or "the architectural team," which is a firm located in Chelsea.
"They are the absolute leaders when it comes to renovating historic buildings," said Carman, who has been working on the project since last August.
Concord Square Planning and Development recently forged a deal with John Monen, the current owner of the Brockton Furniture building, to renovate the 93 Centre St. property.
The Brockton Furniture building, also known as the United Furniture Building, was originally designed by Boston architect J. Williams Beal, and it first opened in 1906, said Stephen Caswell, of the architectural team. During its early years, the first three floors of the building were occupied by the United Shoe Machinery Company, which made parts needed by the shoe industry in Massachusetts to manufacture shoes, Caswell said.
The current owner of the Brockton Furniture building is John Monen, who sells furniture on the bottom floor and uses several floors for storage. Monen thanked city officials for helping him make the redevelopment deal possible.
Brockton City Planner Rob May thanked MassDevelopment, the state’s finance and development agency, for supporting the project, including its vice president of finance programs, Laura Canter, who attended the announcement on Tuesday.
Canter credited city leaders for putting together a downtown strategic action plan and a district improvement financing plan to help make the project possible. In 2014, MassDevelopment designated the area of the city as one of its Transformative Development Initiative districts, which means additional support from the state to revitalize the area.
“It’s a way of signaling to the world that, hey, we’re ready, we’ve got it together, we want people to come in and bring their energy, their vision and their projects,” Canter said. “This is a real testimony to all of that hard work that’s been going on for some years now.”
Property Features
Interior Features
- SQFT: 61168
Exterior Features
- Lot Size: 8276 ft
- Stories: 8
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