28 Petronelli Way

28 Petronelli Way is an historic four story brick building in the center of downtown Brockton, with an elaborate Romanesque Revival façade.  It was built in 1890 as the St. Patrick’s Total Abstinence Society Building, and included a theater on the upper floor with a full balcony.  It had other community oriented meeting rooms on the second and third floors, and four retail spaces on the street level.  In the 1980s it housed the Petronelli Brothers’ boxing gym where World Champion Marvin Hagler trained.  28 Petronelli LLC, an affiliate of Concord Square Planning & Development, Inc., purchased the property in March 2019 from the City of Brockton.  Extensive work was immediately carried out to stabilize the building, cover the roof, and remove debris.  It is planned to be renovated into 18 market rate apartments including 3 studios, 8 one-bedroom, 2 two-bedroom, and 5 loft and townhouse units. The permitting process will begin this spring (2020), financing will be finalized during the summer with the goal of being under construction in the fall of 2020. Project financing will include Historic Tax Credits, HDIP Tax Credits, a tax exemption agreement with the City, a construction loan, and Opportunity Zone eligible equity investment.