The Menkiti Group Celebrates Grand Opening of Luxury Apartment Building in Worcester, MA

WORCESTER, Mass., Dec. 9, 2021 /PRNewswire/ -- The Menkiti Group was joined by City Manager Edward M. Augustus, Jr., Thursday to celebrate the grand opening of Chatham Lofts. This project marks the first delivery of a completed development in downtown Worcester by The Menkiti Group, a D.C.-based Black-owned integrated real estate services company. Chatham Lofts is a collection of 24 new luxury apartments in the heart of the Theatre District that highlight the building's unique architectural features. Located at 6 Chatham Street, Chatham Lofts plays an enduring role in the continued renaissance of Worcester's urban core and offers a sophisticated and centrally located home for city-dwellers who desire the conveniences of a walkable downtown Worcester.

"We are proud to deliver Chatham Lofts, the first of many projects proving our commitment to help build a strong, thriving neighborhood in downtown Worcester," said Mark Rengel, Vice President of Development at The Menkiti Group. "It's an honor to infuse development into under-utilized architectural gems like 6 Chatham Street to help them reach their full potential. We believe in the future of downtown Worcester and Chatham Lofts signifies an important step in the advancement of our commitment to bring investment and commercial and residential density back to the historic and vibrant Theatre District."

Chatham Lofts is a new market-rate apartment community featuring 24 luxury apartments comprised of studios, and one-to-two-bedroom units housed in a six-story historic building. Each unit is uniquely designed to highlight the existing architecture in order to deliver a distinctive residential living experience.

Project design team members include local General Contractor, R.P. Masiello, Elton + Hampton Architects, Petersen Engineering (MEP/FP), John J. Murphy, Jr. Electrical Construction & Engineering, Northeastern Engineering (Structural), Graves Engineering (Civil) and MacRostie Historic Advisors who served as the Historic Consultant. Chatham Lofts received approval for listing on the National Register of Historic Places from the National Park Service and qualified for both federal and state historic tax credits.

The project also received state and local support through a Housing Development Tax Increment Exemption (TIE) Agreement with the City of Worcester and Housing Development (HD) Investment Tax Credits through the Massachusetts Housing Development Incentive Program (HDIP) administered by the Massachusetts Department of Housing and Urban Development (DHCD). Chatham Lofts was financed through an equity investment by the MG Capital's eMpower Worcester Opportunity Zone Fund and debt provided by Webster Five and the PCI Fund.

"Webster Five is proud to have been part of bringing this new downtown project to fruition," said Webster Five Vice President & Business Lending Officer Monica Thomas-Bonnick. "Chatham Lofts adds to the vitality of downtown Worcester while honoring and preserving an iconic, historic building. That kind of thoughtful development is a win for the city."

The grand opening of Chatham Lofts marks the completed rehabilitation and historic restoration of three adjacent structures built in 1892, 1915, and 1926. From the time of their original construction, the buildings served for many decades as the headquarters of the Worcester Young Women's Christian Association (YWCA). Over the years the building was home to other prominent local organizations including the Worcester Foothills Theatre, WICN Public Radio, and the Performing Arts School of Worcester.

"With the opening of Chatham Lofts the city is excited to see this historic building in downtown comeback to life," said City Manager Edward M. Augustus Jr. "By adding 24 new units of housing in the Theatre district, Chatham Lofts adds density and foot traffic that will benefit the many retail and cultural sites in addition to providing beautiful homes for people. This project is one more example of the revitalization of downtown Worcester."

6 Chatham Street was originally purchased in 2015 by the late Ifeanyi A. Menkiti, a former poet and philosophy professor at Wellesley College who had a distinct vision for downtown Worcester. His legacy lives on with The Menkiti Group and the enterprise is committed to building upon Worcester's storied history to create a new thriving downtown which further helps realize their mission of transforming lives, careers, and communities through real estate. With this project, The Menkiti Group successfully developed high quality housing and infused sophistication into the downtown Worcester housing market by bringing back to life a significant cultural and historic asset in the city.

Chatham Lofts signifies an important milestone in The Menkiti Group's overarching goal to bring new life and vibrancy to the Theatre District in support of the City's Downtown Urban Revitalization Plan. In addition to Chatham Lofts, The Menkiti Group's strategically positioned and growing portfolio of properties in Worcester include 401-405 Main Street (formerly Shacks Clothing), 554 Main Street, and 204 Main Street. Earlier this year, Chatham Lofts, and 401-405 Main Street were both awarded the Silver Hammer Award, an annual award given by the Worcester Regional Chamber of Commerce to acknowledge construction or rehabilitation projects that provide an extraordinary impact on the physical landscape and assist in revitalizing the community.

"We are very excited to see progress on redevelopment in the Theatre District led by The Menkiti Group with projects like Chatham Lofts," said Bill Aldrich, Founder and Co-Owner/ Chef of Theatre Café and Center Stage Bistro. "We look forward to our Center Stage Bistro opening in their flagship property at 554 Main Street this upcoming spring."

Bo Menkiti, Mark Rengel, and members of The Menkiti Group team were joined at Thursday's ceremony by City Manager Edward M. Augustus, Jr., Mayor Joseph Petty, District 2 Councilor Candy F. Mero-Carlson, and community members as well as representatives and partners of the project.

"At The Menkiti Group we have remained diligent over the last 17 years in pursuing our mission of transforming lives, careers, and communities through real estate, and we are proud to be delivering this unique residential project that continues the momentum of economic development in the City of Worcester," said Menkiti. "When I first visited Worcester with my father, it was amazing to see the grit, determination, energy, and potential represented in the restaurants, small businesses, and creative community that chose to establish a home downtown. Witnessing first-hand the commitment of the city's residents and small businesses and the exceptionally strong municipal leadership, it was clear that everyone is committed to the potential that is in Worcester and it is exciting to be part helping to realize the community's vision for downtown by delivering an impactful project like Chatham Lofts."

ABOUT THE MENKITI GROUP

Founded in 2004, The Menkiti Group is a 100% minority-owned Certified Business Enterprise headquartered in Washington, DC, with additional offices in Worcester, Massachusetts. The organization was founded with the mission to transform lives, careers, and communities through real estate. The Menkiti Group is a double bottom line company, measuring success in terms of financial and positive social impact. The company's approach to urban neighborhood transformation and investment is centered upon residential and commercial development, residential sales, and commercial brokerage.

The Menkiti Group invests in abandoned and underutilized properties and transforms them into exciting and affordable homes and workspaces. Projects range from single-family residential renovations and the development and tenanting of main street commercial properties to large-scale, mixed-use, transit-oriented development projects. Over the past 17 years, The Menkiti Group has invested over $250MM in DC's emerging neighborhoods, worked on the development of over 2.1MM SF of real estate, and has assisted over 2,000 families in purchasing their first homes. For more information, please visit MenkitiGroup.com or call (202) 733-5455.

SOURCE The Menkiti Group