The Menkiti Group Hosts Construction Tour of Unique Residential Development in Downtown Worcester

WORCESTER, Mass., Oct. 26, 2020 /PRNewswire/ -- The Menkiti Group was joined by City Manager Edward M. Augustus, Jr. along with city officials and civic leaders Monday, October 26 to tour the ongoing construction of Chatham Lofts, a new, market-rate residential apartment community located at 6 Chatham Street, Worcester, MA.  The project consists of the complete 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).  More recently, the property served as the home of the Worcester Center for the Performing Arts. With the introduction of these unique residences, The Menkiti Group is excited to breathe new life into an architectural gem in the heart of Downtown Worcester.

"We are proud to be delivering this residential project in tandem with nearby neighborhood serving retail and commercial office space to continue to drive the momentum of economic development in the City of Worcester, and more specifically the Theatre District," said Bo Menkiti, Founder and Chief Executive Officer, The Menkiti Group.  "Chatham Lofts signifies the first step in the launch Menkiti Group's investment committed to enhancing the existence of an 18-hour thriving, diverse and culturally vibrant neighborhood supporting local residents, small business, theatre, the arts, and contributing to the city as a whole."

At project completion, the newly renovated building will feature a total of 24 market-rate, residential apartments comprised of ten studio units, eight one-bedroom units, five two-bedroom units, and one three-bedroom unit.  The completed project will feature a wide array of residential unit configurations, including two-story duplex units with beautifully articulated arched masonry window openings and full floor penthouse units with expansive views of the Worcester skyline.

"We are extremely excited for this project to be part of the renaissance of downtown Worcester.  Chatham Lofts takes every opportunity to highlight the existing architecture in order to deliver a distinctive residential living experience.  In concert with other nearby investments, our overarching goal is to bring new life and vibrancy to the Theatre District in support of the City's Downtown Urban Revitalization Plan," said Mark Rengel, Vice President of Development, The Menkiti Group.

Project design team members include R.P Masiello as the General Contractor, Elton + Hampton Architects, Petersen Engineering (MEP/FP), John J. Murphy, Jr. Electrical Construction & Engineering, Northeastern Engineering (Structural), Graves Engineering (Civil)  and MacRostie Historic Advisors serve as the Historic Consultant. 

The project has received preliminary approval for listing on the National Register of Historic Places from the National Park Service and has qualified for both federal and state historic tax credits.  The project is also receiving 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).  Chatham Lofts is being financed by Webster Five and the PCI Fund and equity has been raised through The Menkiti Group's eMpower Worcester Opportunity Zone Fund, part of the Department of the Treasury's Opportunity Zone (OZ) program.

"This project builds on the momentum of establishing a dynamic downtown neighborhood," said city Manager Edward M. Augustus Jr. "It is a critical part of bringing more folks to Worcester and generating activity in and around the downtown core. It also brings to new life a real architectural gem in Downtown Worcester. The people living in Chatham Lofts will be able to walk to nearby restaurants and stores and take in all the splendor of the Theatre District. Worcester is the Heart of the Commonwealth, and the downtown area is the heartbeat of the City. That heartbeat continues to beat stronger with the addition of projects like Chatham Lofts."

Bo Menkiti and members of The Menkiti Group team were joined at Monday's construction tour by City Manager Edward M. Augustus, Jr., City Councilor Candy Mero-Carlson, Timothy P. Murray, President and CEO of the Worcester Regional Chamber of Commerce, and community members as well as representatives and partners of the project.

"Our company is committed to enhancing the fabric of life in America's urban communities and the City of Worcester has welcomed us and deployment of our neighborhood investment model into their community," said Menkiti. "Great cities are made up of great neighborhoods and the authenticity of Worcester and the strength and support of its people and its small businesses are what drew us here and drive our long-term commitment to the city."

ABOUT THE MENKITI GROUP
The Menkiti Group is a Washington, D.C.-based real estate services company dedicated to enhancing the fabric of life in America's urban neighborhoods through the strategic development, management, and sale of residential and commercial property. Over the past 15 years, The Menkiti Group has delivered and maintained in its pipeline more than 1.5 million square feet of property, has invested over $200 million in D.C.'s emerging neighborhoods, 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

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