Project Category: Substantial Improvement Property
Plan to develop an Opportunity Zone building located at 28 Petronelli Way, Brockton, MA into 18 market-rate rental housing apartments. The Property is located in the heart of downtown Brockton, next to the commuter rail station to Boston (35minutes travel time), and will directly serve the rental housing needs of the Boston region’s growing economy. This building qualifies for Historic Tax Credits.
Project Qualification: Substantial Improvement PropertyReal Estate: ResidentialTotal Capital Required: $8,900,000Equity Required: $1,900,000Debt Required: $3,200,000Project Control: We own all the key propertyTimeline: More than 360 daysAddress: 28 Petronelli Way Brockton Massachusetts 02301 United StatesFile: MA-III-1.pdf
The building is a historic four-story brick structure with an elaborate
Romanesque Revival façade and will contribute to and benefit from the City’s plan to completely change the perception of the downtown area to that of a thriving, attractive place to live and do business. This project qualifies for multiple tax incentives and will benefit from its proximity to Boston and Cambridge.