Ribbon cutting ceremony to be held for new Lynn housing development

LYNN – The Lynn Chamber of Commerce and the Mayo Group will officially unveil the MV24 loft style residences on Mt. Vernon Street Nov. 29.Following a re-arrangement and expansion of the lofts from 32 to 49 units, the building is now open and ready for tenants.The ribbon cutting ceremony will take place around 5:30 p.m., immediately following the tree lighting in Central Square. Hors d’oeuvres will be served.Prior to the expansion, the City Council requested that the Mayo Group repair its existing properties in the city at 7 Central Square and 50-56 Central Square, before starting the planned renovations which were estimated to cost upwards of $8.5 million.Edward O’Donnell, vice president of the Mayo Group, previously said improvements to the intercom system, door locks, electrical and plumbing work was completed to the satisfaction of residents.The expansion was designed to draw in potential buyers, whom John McGrail, principal of the Mayo Group said were not flocking to the building.According to McGrail, a crisis among the nation’s mortgage lenders has attributed to the fear of potential homebuyers and rising costs have created the perfect storm.In an attempt to alter the mindset of potential buyers, McGrail said a backup plan could include a rent-to-buy program. Smaller units would also appeal to a broader market and not shut out first time homebuyers.Prior to the expansion, there were four, two-bedroom units available, and the rest of the open lofts varied in size from 600 square feet to more than 1,000.Selling points include a municipal parking lot within walking distance for tenants and access for commuters who use public transportation that is available at the nearby Central Square train and bus station.