Salvatore Lupoli signs an agreement to buy the city-owned parking lot near Haverhill Bank as Mayor James J. Fiorentini and City Councilors Thomas J. Sullivan, William J. Macek and Joseph J. Bevilacqua look on.
Developer Salvatore Lupoli’s new mid-rise building, expected to begin emerging over the next year in downtown Haverhill, is now being called “The Heights.” Construction could begin later this year.
Lupoli formally signed an agreement with the city Friday morning, buying the city parking lot between Rent-A-Center and Haverhill Bank on Merrimack Street. Lupoli Companies bid $700,000 last year— the only firm to respond to the city’s request for proposals to redevelop a downtown parking lot. Fiorentini described for WHAV listeners the significance of the development.
“That agreement means that he will begin building either late this fall or early in the spring a 10-story building down on Merrimack Street that will have parking underneath the building that he has now. It’ll have waterfront dining. Also, it will have for the first time in Haverhill, riverfront dining.”
The developer already owns the building, housing Ocasio’s True Martial Arts and Phoenix Rising Church, on the other side of the bank.
Fiorentini said the project will create 200 to 300 new jobs.
“It’s primarily a commercial development, but will also have three floors of market rate residential housing. We’re really excited about it and we look forward to working with the Lupoli Companies,” the mayor said.
Although it didn’t come up at Friday’s meeting, Fiorentini said he understands the new 65,000-square-foot building is already 50 percent leased. The agreement calls for a guaranteed time for completion of the building.
“We’re not worried about that. We’re very confident that he will go forward.”
Last November, Lupoli said he will own a restaurant on the first floor, but also bring in “a spectrum” of companies to fill the rest of the space, including a medical device company and medical space.