Market Rate Housing Opens on Washington Street, Downtown

Haverhill Mayor James J. Fiorentini cut a ceremonial ribbon with developers of J.M. Lofts and other officials Tuesday.

Eighteen one- and two-bedroom, market rate apartments formally opened Tuesday at 37 Washington St., downtown.

Haverhill Mayor James J. Fiorentini cut a ceremonial ribbon with developers of J.M. Lofts and other officials Tuesday. The building will also house three businesses on the first floor. As WHAV reported last week, one business that has already received the first of its permits is Battle Grounds Coffee, owned by a soon-to-be-married Haverhill couple, Dana Michelle Perry and Salvatore Defranco.

“This is a fantastic development and proves Haverhill continues its renaissance. We would like to sincerely thank the developers and project leaders for making this happen,” the mayor said.

Fiorentini noted the building with designed by noted local architect Josiah Littlefield less than a year after the great Haverhill fire of 1882. John Marsh opened the building in 1883, using it for office space and host of several shoe-related businesses. Since the 1980s, the building housed a used office furniture retail store, Surplus Office Supply. The property was purchased in 2013 by a subsidiary of Traggorth Companies.

Three of the apartments have already been rented and six more are in the process, Fiorentini said.

Although rents will not be subsidized by the government, the developer entered into a Tax Increment Exemption (TIE) agreement with the city, exempting it from 50 percent of property taxes due in the project’s first fiscal year. The exemption decreases by 10 percent during the subsequent four fiscal years. The base value of the 37 Washington Street property was listed at $348,000.

One thought on “Market Rate Housing Opens on Washington Street, Downtown

  1. “Market Rate Housing Opens on Washington Street”

    This is anything “but” market rate. This is Haverhill taxpayers getting screwed and conned yet again by mayor taxman.
    “Market” implies an entity operating without any government involvement and with everyone operating under the same economic conditions. How is it market rate to all the other landlords renting apartments when they have not been given tax breaks to run their businesses?

    The City of Haverhill 2015 tax assessment for 37 Washington Street was $477,600.00. How did they determine a value of $348,000.00? Did mayor taxman under value the property so the developer didn’t have to pay any taxes on $130,000.00 of assessed value?