The Menkiti Group is hoping for a tax-increment exemption plan for a $9-million, 24-unit market rate apartment project at the former Performing Arts School of Worcester.
The company, based in Washington, D.C. with Worcester connections, is proposing 18 one-bedroom apartments and 6 two-bedroom apartments for the new project, dubbed Chatham Street Lofts.
The 40,000-square-foot, six-floor building facing the street and a four-story brick portion in the rear of the property has been nearly vacant or underutilized for two decades.
The Menkiti Group is marketing the 6 Chatham St. property to young professionals, students and empty nesters who want to enjoy the Theatre District in downtown.
A proposed tax plan calls for a 60% exemption for 12 years and allows the Menkiti Group to apply for investment tax credits from the Massachusetts Department of Housing and Community Development.
Four one-bedroom units will be constructed in the six-story portion of the building, and 15 studio and one-bedroom units will be built in the four-story portion, including five two-story townhouse-style apartments.
Boarded-up large windows on the third and fourth floors will be restored.
The project is across the street from Menkiti Group’s planned multi-million dollar renovation of 526 Main St., a building housing the Muse Bar & Kitchen and a formerly a pawn shop.
