City Council Approves Tax Deal for Ted’s Leather Building

Former Ted’s Leather building, 24 Essex St., after redevelopment.

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.

5 thoughts on “City Council Approves Tax Deal for Ted’s Leather Building

  1. Can you imagine what you could do with a 25% tax break on YOUR property taxes, followed by continued breaks for 5 years? Maybe you could finally afford something for you and your family you truly need!

    But for now, your property taxes and water rates (rising 50% ) will continue to rise so you can fund poor downtrodden “developers” who really need that money to build apartments that they’ll rake in thousands of dollars on in rent – AND the city will charge them to park.

    Thank you Haverhill taxpayers for being the absolute suckers you are.

  2. Tax incentive for a private business.
    Are you going to tell me the puppeteer and his puppet didn’t know this was coming?
    I want a tax break just for the mere fact that I live in this city. I don’t live in the downtown are and because of this I get far fewer services.
    Can’t wait to see who buys these at “market”price. Does anybody know what the “market” rental rate is for section 8??

  3. Tax incentives is the ONLY way for the incompetent mayor and city councilors to attract any business to the city!!

    “Tenant parking would be in the nearby MVRTA parking garage.”
    Will they be able to park there free? Rates for parking in this garage between 4~18 hours is $4.00…at 18~24 hours it becomes $8.00. A person ends up paying $120.00 or more a month to park their car. Who would do that?

    Why should anyone have to pay to park in this garage? It was built with taxpayer funds, meaning taxpayers have already paid for this building once already. Charging to park in this garage is simply charging taxpayers twice. Do you continue paying your mortgage once you’ve paid it off? Taxpayers are getting ripped off yet again by incompetent liberal politicians.