The Bon Marche Building Cross Point A City on the Move
Successful Strategy: Bon Marche BuildingThe Bon Marche BuildingJordan Marsh abandoned the 120,000-square foot Bon Marche building in the early 1990s, which left the building vacant for several years. This key downtown property became a major concern to City, Lowell Plan, and LDFC officials. The LDFC, with its pool of funds and banking talent, purchased the building from the mortgage holder and began planning its rehabilitation through a joint LDFC/Lowell Plan/City committee. The LDFC partnered with the City to fund a feasibility study for the building’s redevelopment as a mixed use office and retail complex. With commitments from Wang Laboratories, the Lowell School Department, and the University of Massachusetts Lowell’s Barnes and Noble bookstore to lease space in the building, the property was re-sold to a local development team. The result was a complete restoration and a fully occupied cornerstone building in the City’s downtown. |
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