Elwood Adams building owner hopes for tax help on $4M project
PHOTO/EDD Cote
Elwood Adams Hardware Store is pictured in October 2017 before it closed for good.
The Hingham development company and owner of the former Elwood Adams Hardware building in Worcester is seeking a tax-increment financing exemption for the building as it pursues a $4-million redevelopment project.
Elwood Main, LLC, an entity registered to BradyMac Capital Advisory, wants to create 13 one-bedroom apartments on the upper floors of the property, which have been vacant for years, City Manager Edward Augustus said in a letter to city councilors asking the body to approve the deal.
The project includes 1,700 square feet of retail or restaurant space on the bottom floor. The apartments will range in size from 700 square feet to 1,000 square feet. The developer hopes to complete the project in fall 2020.
BradyMac Capital Advisory is seeking a Housing Development Certified Project designation to be eligible for a state investment tax credit of $850,000.
That would be in addition to the proposed local tax agreement provides for a 30% exemption over a 10-year period, resulting in estimated savings of just under $60,000, Chief Development Officer Michael Traynor said in correspondence to Augustus.
What is slated for the bottom-floor retail portion of the project is still in limbo, but marijuana retailer Bloominus Holdings is hoping to open in a portion of the space.
The city has selected 14 proposed marijuana retailers to begin the local licensing process and can add only one more.
Bloominus CEO Mark DeAngelis told WBJ in February his project his proposal to be the first cannabis store to open on Main Street already has the support of several downtown businesses and the Worcester Regional Chamber of Commerce.
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