New Lynn lofts now renting 5 units

LYNN – After months of speculation and curiosity as to why the trendy MV24 loft style residences on Mt. Vernon Street were not being rented out, a total of five units are now reportedly occupied.Originally slated to be owner-occupied units, the fluctuating real estate market proved to be a hindrance and ultimately kept homebuyers at bay.So, in an attempt to lure buyers to the new development, The Mayo Group unveiled a new rent-to-buy program and increased the number of units from 32 to 49 at a cost of approximately $8 million last year.Edward O’Donnell, vice president of development at the Mayo Group, said the expansion proved to be a wise one and he is pleased with the number of units that were rented at the beginning of the month.”The news is pretty good, but I’m cautiously optimistic,” he said. “We’re hoping that as the word continues to get out, we’ll see a steady influx of people renting by the end of May. After all, March isn’t really an optimal time for moving.”A state of the art fitness center, resident lounge and other amenities such as washer/dryers in each unit, granite countertops and oversized windows add to the appeal of the building according to O’Donnell, all at a cost of between $1,223 to $1,652 a month.Additional improvements and cosmetic upgrades were also made to the building to attract potential tenants over the past few months and future landscaping will add a touch of green to soften the look of the industrial style building.O’Donnell credited intense advertising to the newly rented units and said the tenants who moved in fit the profile that The Mayo Group had catered to – urban professionals.Two Lynners and three people from outside of the city have moved in to the building.”There is a lot of product out there in Lynn and other communities for buyers to choose from, so we wanted to make sure people were taken by the image of the building,” he said. “And the people who moved in are exactly as we had hoped.”A lawsuit against The Mayo Group regarding the MV24 building is currently winding its way through court and has restricted the rental of more than the 32 original units until it the case is resolved.Filed at Salem Superior Court in November by Jonathan Bedard, manager and owner of three units of the 90 Exchange St. condominium complex, Bedard claims members of the City Council’s decision to allow the conversion of the MV24 building from 32 to 49 units was “unsupported by evidence and untenable.”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.According to court documents, Bedard claims in the complaint that the expansion would instead allow for a use that is not in harmony with the general purpose and intent of the Lynn Zoning Ordinance; would adversely affect the area; does not serve the public good; was in excess of the authority of the City Council; was unsupported by the evidence, and is legally untenable.Bedard requested that the court rescind the decision to expand the number of units, and to grant other relief that the court deems just.O’Donnell said he is looking forward to learning more about why Bedard filed the lawsuit.”Suffice it to say, we’re looking forward to having John explain why he publicly supported the idea and then brought a lawsuit,” he said. “After the suit goes through the courts, we’ll rent out the rest of the units.”