I've added a countdown widget on the right - it is counting down to March 25, 2011, the day that Worcester may lose one of its oldest extant 19th century factory complexes, the Junction Shops on Beacon St.
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| Southeast Corner (East Elevation) of Junction Shops (right) with Other Historic Junction District Mill Buildings in Background (left) |
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| Southern Elevation of Junction Shops |
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| Location of Junction Shops Property (Brown) in Relation to Downtown Worcester |
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| Detail of the 4.6 acre, 200,000 SF + Historic Junction Shops Property on Beacon St. in Worcester's Junction District |
I say "may lose" because in Worcester all historic properties receive an automatic one year demo delay. The current owner petitioned the city to waive the demo delay so he could demo most of the 4.6 acre, 200,000 SF +, complex on March 25, 2010, but was denied because of the historic importance of the property. Unfortunately, this action also starts the one year delay clock, so at 12:01 am on March 25, 2011, the owner will be able to apply for a demo permit for the entire complex and he will be able to proceed and there will be nothing that any of us can do to stop it. The owner may of course elect to do nothing, which is the preferred course of action for a number of historic properties, but I would hate to rely on that.
In an earlier post I proposed redeveloping the property as the
Commonwealth's Video Game Design & Development Incubator. (Click
this link to view the post, read about the history of the site and learn more about the growing video game design industry and Worcester's leadership role it currently plays in the industry). I believe we have a once in a lifetime opportunity here to restore a historic factory building that symbolizes Worcester's important role in the Industrial Revolution and puts it to productive use for today's growing and ever important Knowledge Economy. Bottom line, I don't care what it becomes, as long as it is saved.
I spoke to the owner of the property a while back, he really has no interest in developing the property. He says he will sell, but is tired of developers asking for long term options which tie up his property for months on end and then don't close. He told me: "$1.5MM sale price, $100k down, 30 days due diligence, 60 days to close" would be a deal he would be thrilled to hear right now. It's a starting point.
I'm willing to pledge $100 of next week's unemployment check (thankfully my wife does not read the blog) towards the down payment if it will help. I know it's not much, but its a start........ Just $1,499,900 to go....
Just found this article I wrote on the proposed use of the Junction Shops as part of a proposed Worcester Arts District back in 2002 (http://wormtown.org/article.php?story=20040601025824675); the following year, I remember talking to the property owner for a Worcester Magazine story at City Hall and he thought he was weeks, if not months away from getting the permits he needed to start the grand renewal of he site ...
ReplyDeleteEric might be able to speak to this better than I can, but I think the current owner is the very same developer that Brian mentions in his article, and that all the environmental remediation, parking issues and permits were--and are (though I'd expect the permits are expired)--taken care of and the project ready to go. I don't know if the issue was financing, market instability or just a straight-up point-in-time business decision that reflected the owners inability to follow through, but I believe he has had success with similar models in the Midwest. Irrespective of why that project failed, I think Eric is right in assuming that the development of the shops has to be all or nothing; the funding necessary for acquisition would preclude a slower, incremental approach to development. But it can be done! (I'll kick in a hundred bucks, too).
ReplyDeleteJim M.
Great posst thanks
ReplyDelete