Lawrence, MA – WinnDevelopment, the real estate development arm of WinnCompanies, announced the opening of Loft Five50, a 160,000sf mixed-income apartment complex in Lawrence developed from two buildings on the historic former Malden Mills manufacturing site.
The property, part of the 29-acre fleece factory that is now home to the Polartec brand, had been vacant mill space for more than 10 years until Winn acquired the site from Versa Capital in July 2011.
Winn celebrated the completion of this adaptive re-use project with a ribbon-cutting ceremony that featured residents and local and state government officials.
Today, Loft Five50 is a beautiful apartment community with modern loft-style one and two-bedroom, as well as two-bedroom with den apartments. The units are LEED certifiable and feature high ceilings, large windows, and ample closet space. The mixed-income, 75-unit building also maintains unique architectural details of the historic mill, such as exposed brick and wood beams.
Residents enjoy extensive on-site amenities, including a spacious indoor theatre, fitness center with a studio for yoga, pilates or other exercise classes, community room with a catering kitchen, lounging area and billiards table, children’s play room with climbing structures, chalk wall and race track, outdoor patio with lounge chairs and bistro tables, parking, and a landscaped courtyard and river walk with direct access to Manchester Street Park.
Loft Five50 was created from two buildings within the former nine-building, 900,000-square-foot Malden Mills complex, which was opened and operated for three generations by the Feuerstein family. In 1995, a fire destroyed three of the nine buildings, displacing 1,400 workers. Owner Aaron Feuerstein continued to pay workers for 90 days, gaining national attention as an example of an altruistic corporate leader. Despite a rebuilding effort that cost $450 million and was completed in 1997, Malden Mills went bankrupt and the property was sold in 2007 to Versa Capital who purchased the assets to create a new company, Polartec, LLC.
Keith Construction was the general contractor and The Architectural Team was the architect on this project. WinnResidential will serve as the property manager for Loft Five50.
WinnDevelopment Opens Loft Five50 – Keith Const. GM. The Architectural Team Architects
Lawrence, MA – WinnDevelopment, the real estate development arm of WinnCompanies, announced the opening of Loft Five50, a 160,000sf mixed-income apartment complex in Lawrence developed from two buildings on the historic former Malden Mills manufacturing site.