LYNN — The city will see a new, 70,000-square-foot YMCA in the next two years.
MassDevelopment issued a $37.7 million financing package, including a $27.7 million tax-exempt bond and a $10 million New Markets Tax Credit allocation.
The YMCA of Metro North will use the money to buy half-an-acre of land next to the existing Lynn YMCA, and will build, furnish, and equip a second facility.
“It’s going to be life changing for all members of the community,” said Bruce Macdonald, CEO and president of YMCA Metro North. “It’s a project that will hopefully have a positive effect on the whole community and help transition Lynn into the next 50 and 100 years. We want to help the whole area of Lynn. There’s going to be a lot of glass. It’s going to very attractive.”
The new facility will be located next door to the existing gym and will include a family aquatic center, gymnasium, locker rooms, an indoor track, fitness studios, and a family adventure center and child watch area.
“When you first walk in the front door, there will be a cafe and sitting area and you will be able to look into the aquatic center through a glass wall,” said Macdonald. “There will be a lap swimming pool, a warm water teaching pool, and a spray park.”
The second floor will boast 12,000-square-feet of fitness space, including three exercise studios, a gymnasium, and a track around it all with views of the aquatic center below. A kid zone for parents to drop their children off to play while they exercise will be located on the first floor, before the cafe.
Three community rooms will be constructed to house things like health screenings or other community organization events, such as Girls Inc. or Pathways.
The preschool will be expanded into seven brand new classrooms with a separate entrance and enough space for 140 children.
“The space they have in the current building is not as good as it should be,” said Macdonald.
The old building will repurposed to expand youth programs. The organization is also reaching out to other agencies who are in search of space in the city.
Macdonald said the project is expected to take about 18 months once construction begins in the spring. He’s currently working with the city to reconfigure Wheeler Street, which the YMCA owns part of and will build on.
The YMCA of Metro North was formed in 2012 after the Greater Lynn YMCA, which included the Saugus Family YMCA and the Peabody/Lynn YMCA, and the Melrose Family YMCA merged.
During Fiscal Year 2016, the YMCA served more than 72,000 members through its five full-service branches and its gymnastics and child care services.
The YMCA of Metro North will also use tax-exempt bond proceeds to refinance previously issued debt. The bond was purchased by Boston Private Bank & Trust. The $10 million New Markets Tax Credit allocation from MassDevelopment is part of a total $21.5 million New Markets Tax Credit package for the project that also includes $5 million from the Massachusetts Housing Investment Corporation, $4 million from the Capital One Community Renewal Fund, and $2.5 million from Boston Community Capital.
