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The rehabbed mills are absolutely beautiful in Lowell.
Not everyone would want to live in Lowell, it has always been struggling to overcome the past of being a mill town when the mills closed down. It is gritty in many places, but hardly a war zone. A lot of money has come to Lowell thanks to the late Paul Tsongas and now his elected wife, and they are committed to bringing culture and assets to Lowell.
I worked in a rehabbed mill building (Wannalancit Bldg.) and it was gorgeous. Lots of ethinic restaurants around (second-largest Cambodian population). Live downtown scene by daylight, but when it gets dark, people seem to disappear to the suburbs.
I wouldn't skip it if I wanted a loft/urban experience, but the urbane scene is still somewhat skimpy. Then, it's an easy drive to Boston or Cambridge for a real city night out.
If looking at a loft in Lowell (or any condo arrangement) I'd look real hard at the financial reserves and assessments and owner-occupied rates of the association, as I would (now) with any condo purchase. I'd have a good real estate lawyer look at the financial statements of the association.
If you are looking at renting, full steam ahead! Lowell has a lot going for it. Did I mention the Merrimack River actually has rapids near the U Lowell, and a great five mile walking trail around the river?
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