{"id":1004289587,"date":"2019-01-08T12:20:04","date_gmt":"2019-01-08T20:20:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004289587"},"modified":"2022-12-08T16:33:19","modified_gmt":"2022-12-09T00:33:19","slug":"historic-ma-building-begins-rehabilitation-expansion-process","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/historic-ma-building-begins-rehabilitation-expansion-process\/","title":{"rendered":"Historic MA Building Begins Rehabilitation, Expansion Process"},"content":{"rendered":"<p>By Laura Calugar<\/p>\n<div id=\"attachment_1004289593\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Proposed_Lowell_Legacy_Hotel-1.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004289593\" data-attachment-id=\"1004289593\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/historic-ma-building-begins-rehabilitation-expansion-process\/proposed_lowell_legacy_hotel-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Proposed_Lowell_Legacy_Hotel-1.jpg\" data-orig-size=\"1075,806\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Proposed_Lowell_Legacy_Hotel\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Proposed_Lowell_Legacy_Hotel-1.jpg?w=1024\" class=\"wp-image-1004289593 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Proposed_Lowell_Legacy_Hotel-1.jpg\" alt=\"Rendering of Lowell Legacy Hotel\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Proposed_Lowell_Legacy_Hotel-1.jpg 1075w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Proposed_Lowell_Legacy_Hotel-1.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Proposed_Lowell_Legacy_Hotel-1.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Proposed_Lowell_Legacy_Hotel-1.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004289593\" class=\"wp-caption-text\">Rendering of Lowell Legacy Hotel<\/p><\/div>\n<p>Cherrytree Group has arranged financing for the restoration of a registered historic landmark in Lowell, Mass. The rehabilitation of Athenian Corner Restaurant includes the addition of a 52-key hotel dubbed Lowell Legacy Hotel. Work has already begun following the completion of the $825,000 loan. Athenian Corner Inc. is the developer of the mixed-use project, while Jozokos Architecture Inc. serves as the architect. &nbsp;&nbsp;<\/p>\n<p>Located at 207 Market St. in the city\u2019s downtown area, Athenian Corner Restaurant is near Lowell National Historical Park and roughly 1 mile from the University of Massachusetts Lowell. For more than four decades, a Greek family has owned the five-story building, which was built between 1896 and 1905. After it was recently declared eligible to receive federal tax credits for historic preservation, the owner partnered with Madison Security Group and secured the funding from Cherrytree affiliate Hampton Financial Partners.<\/p>\n<p>The revamp is possible through the Opportunity Zone program established by the Congress last year to <a href=\"https:\/\/www.commercialsearch.com\/news\/navigating-the-new-opportunity-zones\/\">encourage development in economically challenged areas<\/a> of the U.S. The Athenian project is one of the first of this kind to begin in the city.<\/p>\n<p><em>Image courtesy of Cherrytree Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Athenian Corner Restaurant, a five-story property built between 1896 and 1905, is a Lowell landmark. Cherrytree Group arranged financing for its revamp, which includes the addition of a boutique hotel. <\/p>\n","protected":false},"author":238,"featured_media":1004289593,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21782,21825,21752,21742,10],"tags":[43094],"class_list":["post-1004289587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-development","category-finance","category-mixed-use","category-latest","category-northeast","tag-opportunity-zone-program"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Historic MA Building Begins Rehabilitation, Expansion Process - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/historic-ma-building-begins-rehabilitation-expansion-process\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Historic MA Building Begins Rehabilitation, Expansion Process\" \/>\n<meta property=\"og:description\" content=\"Athenian Corner Restaurant, a five-story property built between 1896 and 1905, is a Lowell landmark. 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