Artist’s rendering of the completed building at 24 Essex St., the former Ted’s Leather Goods building.
A Newmarket, N.H., developer will receive a five-year tax break on a project to turn the former Ted’s Leather Goods building at 24 Essex St. into apartments and commercial space.
City Council approved a so-called tax increment financing agreement between Chinburg Properties, and the city. The developers will receive a 25 percent tax break the first year, declining to 5 percent after five years.
William Pillsbury, Haverhill’s Economic Development and Planning director, said approval of the tax agreement will give the developers the go-ahead to begin construction this spring.
Developer Eric J. Chinburg said his company plans to turn the mostly vacant industrial warehouse space into 56 market-rate apartments and 6,000 square feet of first floor commercial space.
The developer described the apartments as studio, one- and two-bedroom units that will feature large windows, high ceilings, polished concrete floors, exposed brick walls and wood framing, granite counters, modern kitchens and individually controlled heating and cooling.
Tenant parking would be in the nearby MVRTA parking garage.