A four-story brick building on Munroe Street, once the site of a thriving used appliance retail store, is slated for conversion into live-in lofts similar to those that characterize New York's Soho district.

"We like to refer to them as SoHo-style lofts because they're completely open inside, except for the bathroom, which has the only walls in the whole place," says developer Stephen Sarcia of Rhode Island , who along with business partner John Citrano of Medford are already gutting the structure.

According to Sarcia, the post-and-beam construction allows for the loft-style design in all 21 units as well as three retail spaces at street level.

"People want big, open rooms," he said. "These units have an exposed bed, kitchen and living area, but the bathroom is boxed off."

Sarcia said the property was purchased for $670,000 in September from former appliance store owner Joseph Nichinello, hence the designation "J.N."

"Mr. Nichinello got top dollar and moved to Florida. I think we paid one of the highest prices for property on that street," said Sarcia, adding that the new owner is Montreal Investments Co.

"My partner and I work for Montreal. They own it but we do the conversion, the renovation. We develop them," he said.

The address at 49-55 Munroe Street is in the heart of the city's central business district and about two blocks from where another company, The Mayo Group, is renovating residential units in the Pevear Building at the corner of Washington Street.

"They just don't construct buildings like this anymore," said Citrano. "We're going to keep everything as original as possible to retain the architecture's character."

The partners anticipate the project will be completed by September. Peter DeVeau, executive director of the Lynn Economic Development and Industrial Corp. (EDIC), said the investors were influenced by the city's new zoning ordinance that allows for residential unit construction in the downtown without a parking requirement.

"It's pretty obvious that the zoning changes in the downtown initiated by City Council President Cowdell have had a tremendous impact on property values in the downtown," he said.

Citrano agreed. "Steve and I chose Lynn because it boasts so much potential," he said, adding that Mayor Edward Clancy's vision for the downtown's revitalization is nearly palpable as several projects in the neighborhood get under way.

"We've developed many high-end condominiums in Boston and Cambridge," said Sarcia. "We'll be marketing the J.N. Building lofts at affordable prices to attract more young professionals to Lynn."

Sarcia explained that the partners are attempting to keep the units priced under $200,000.
"I have people knocking on the door to buy them," he said.

Most condominium units will feature large windows, central air-conditioning, hardwood floors, skylights, and exposed wood beams and brick walls. Each floor will include a laundry room.

Although the units do not include parking, Sarcia noted that the Massachusetts Bay Transportation Authority (MBTA) charges $2 per day to park in its multi-level garage at the Lynn train station, which is close by the due to a pedestrian alley leading from Munroe Street to the depot.

"People can park at the T station," Sarcia said. "One of the reasons we bought this building is because it's near the station and that meant we didn't need to go through the same permitting process."

Sarcia said he was lifted by news that the developer of the Boston Machine Building on Willow Street, another residential project with loft-style options, has nearly sold out. "Our project is different because our units are really lofts - completely open, no walls. The Boston Machine units have walls. That he sold out is good news fro me," Sarcia said.