Developers receive $315K grant for vacant Fitchburg property
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The building at 759-769 Main St. in Fitchburg has been vacant for over a year, but will be redeveloped into commercial and residential space.
MassDevelopment, the state’s economic development financing agency, awarded $315,175 to a developer planning to redevelop a vacant three-story building in downtown Fitchburg.
The property at 759-769 Main St. is located within Fitchburg’s Transformative Development Initiative district, a MassDevelopment program aimed at facilitating economic growth in Gateway Cities.
The building was constructed in 1945 and has been completely vacant for over a year, according to a Thursday press release from MassDevelopment. Developers Manuel Joaquin and Rosario Nicotra of Methuen will redevelop the space, building out a ground-floor commercial area and adding four market-rate apartments on the upper floors.
The grant is part of MassDevelopment’s TDI Equity Investment program, which invests in near-term projects within TDI districts. Fitchburg’s downtown was designated a TDI district in 2018 and has received roughly $3 million in financing or awards since then, according to MassDevelopment.
"This project is another step towards a transformative revitalization of the city of Fitchburg, and we are proud to be a partner in saving these significant buildings,” Nicotra and Manuel, managers of Prime Real Estate Investment LLC, said in a written statement. “We want to invest in Fitchburg, and we will continue to seek projects that will beautify the city, provide housing, improve the downtown and neighborhoods, and create jobs."
Nicotra and Joaquin purchased the property in 2021 for $185,000, according to the Worcester North District Registry of Deeds.
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