LYNN — Procopio Enterprises Inc., a development team that plans to transform a community garden on Munroe Street into a 10-story luxury apartment building, has officially purchased the property.
Procopio, a family-owned construction company in Saugus, closed on the $3 million sale on Oct. 5, acquiring the 30,000 square-foot parcel from Munroe Partners LLC, operated by Gordon Hall, president of the Hall Co., and a Daily Item director.
Munroe Partners purchased the lot, assessed at $216,700, in 2010 for $650,000.
Michael Procopio, co-owner of Procopio Enterprises, said plans are to break ground on the development this year. The next steps are to enable and fence the site, and put in their construction management plan by the end of the month.
A groundbreaking on the development is scheduled for November.
What city officials are calling a $90 million investment into downtown Lynn will include 259 market-rate apartments with 20,000 square feet of commercial space on the ground floor, including a restaurant and retail component.
“This is a 10-story new construction in downtown Lynn, which is a very first,” said James Cowdell, Economic Development and Industrial Corporation of Lynn executive director.
The development would feature apartments priced in the mid-$2,000s, an underground garage, and a 6,000-square-foot deck with ocean and Boston skyline views.
Over the summer, the City Council approved a $2.5 million tax break over a seven-year period for the development team through a tax incentive plan negotiated between Procopio Enterprises and Mayor Thomas M. McGee.
Over that same time period, the project is expected to produce $5 million in new tax revenue.
Procopio was in Lynn last Thursday for the ribbon cutting to mark the grand opening of another one of the company’s developments, Ironwood Apartments on Fairmount Avenue.
The 54-unit market-rate apartment building, which includes a mix of one- and two-bedrooms and is the first phase of a $20 million investment, opened on Oct. 1 and is about 40 percent leased. A second 46-unit apartment building, will be located in the same complex, is still under construction and is expected to open in March. That will be all one-bedroom units, according to Procopio.
“We’re super excited about how this has turned out and what that could mean for the neighborhood and certainly for the city of Lynn as well,” Procopio said. “We were able to take a product that in a lot of surrounding communities would be very high $2,000s, $3,000s a month, and we were able to offer it in Lynn between $1,800 and $2,400 a month.”
Work got underway on the completed building, located at 215 Fairmount, in the summer of 2017, with the construction starting on the yet-to-be completed 167 Fairmount building this past May. Procopio acquired the parcels, which he called raw land, in 2016 for $800,000 and $500,000 respectively.
For 215 Fairmount, he said the parcel formerly consisted of two single-family houses with underlying apartment zoning. The redevelopment project included infrastructure improvements to the road and sidewalks.
“It’s exciting to see this development that they’ve done and I envision as they break ground for the Munroe Street project, we’re going to see this quality of work continue and add the value to our community,” McGee said.