Tax credits awarded for conversion of Eagle Knitting Mills building in Walker’s Point

Wangard Partners planning creative office space at 90-year-old building

A rendering of 507 S. Second St.

Last updated on May 15th, 2019 at 04:50 pm

Wangard Partners will begin redeveloping the Eagle Knitting Mills building in Walker’s Point into creative office space later this year after receiving $3.3 million in state historic tax credits for the project.

A rendering of 507 S. Second St.

The development, called 507 South 2nd Street, is expected to be fully occupied by Dec. 31, according to documents submitted to the state.

The four-story brick building’s windows will be replaced, floors will be resurfaced and the original lobby and entrance areas will be restored, according to documents.

The lower level will be converted into indoor parking. lnterior tenant spaces will be delivered in a loft-style core and shell condition, according to plans.

In August 2017, Wangard Partners purchased the 80,000-square-foot building from a subsidiary of C. Coakley Co. for $3.5 million. It was built in 1928.

Stewart Wangard, chairman and chief executive officer of Wangard Partners Inc., said last week, he plans to begin work on the building in the fourth quarter.

The project will also be financed with a traditional construction loan, investor equity and PACE financing, according to documents submitted to the state.

Wangard is also working on the next phase of Freshwater Plaza in Walker’s Point, a mixed-use development at the northeast corner of North First Street and East Greenfield Avenue. It currently includes a 46,280-square-foot Cermak Fresh Market grocery store, a four-story L-shaped building on the corner with 16,645 square feet of retail space, and apartments on the upper floors and outlot buildings. The next phase of the project consists of a five- to six-story mixed-use building with ground floor retail and apartments above.

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