$2.5M apartment, restaurant development slated for Elwood Adams building
PHOTO/EDD Cote
Elwood Adams Hardware Store is pictured in October before it closed for good. The building is slated to become a mixed-use residential and retail development.
A Hingham developer has purchased the former Elwood Adams Hardware building for $442,000 and plans to renovate the building into a mixed-use property.
Hugh McLaughlin, a principal of BradyMac Capital Advisory, said the top three floors of 14,700-square-foot building will be renovated into up to 14 apartments, mostly one-room.
The space was previously used as storage for the hardware store, which closed last fall.
The firm will invest up to $2.5 million to complete the project, which will include work on the first floor to attract a retail store or restaurant, McLaughlin said.
With the Massachusetts College of Pharmacy and Health Sciences across the street, McLaughlin said he plans to market the apartments to college students or young professionals.
The project is his first in Worcester, said the longtime friend of Worcester Regional Chamber of Commerce President and CEO Timothy Murray.
The two have been speaking about a possible project in Worcester for years, and McLaughlin finally found a project that could work.
“He called me, I came out and we drove around,” McLaughli said. “We came across the building and I loved it.”
He said the foot traffic in the area and economic momentum of the downtown area helped make the decision an easy one.
Now, McLaughlin said his firm is actively looking for other projects to tackle in Worcester.
“Over the last five years, I’ve seen a lot of positive growth in Worcester,” he said. “This kind of fit right into our wheelhouse.”
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