Brownfield financing of more than $1 million will help developers with the cost of restoring a vacant school in Plymouth’s Old Village that’s slated to be converted into 22 loft-style apartments.
The Plymouth City Commission approved the brownfield plan for the Starkweather School project with a 4-0 vote. The plan will make the project eligible for tax-increment financing totaling nearly $1.65 million over 15 years.
Developers have purchased the 5.57-acre property on Holbrook from the Plymouth-Canton Community Schools for $1.15 million, and developers plan to repurpose the 1927 school building into apartments while keeping many of its historic features intact, plus build 23 single-family houses on the site. Work should begin this spring, said Mark Menuck, one of the partners on the project.
Developers are applying for National Register of Historic Places status for the building, which if approved could mean they’d benefit from tax credits.
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