The site of a proposed five-story, mixed-use building in downtown Marlborough has been purchased by a firm involved in the proposal for $3 million.
The property, located at 57 Main St., was purchased in a deal finalized on Monday by 57 Main Street Owner LLC, according to Middlesex South Registry of Deeds records, an entity managed by Michael Procopio.
Procopio is the CEO of The Procopio Companies, a Middleton-based firm, which has proposed a five-story building at the site on behalf of Boston-based JW Capital Partners. Plans for the building call for an enclosed parking garage and a 3,365-square-foot retail space at the bottom of the building, with 50 one-bedroom and 42 two-bedroom units above.
The site is at the location of the former Rowe Funeral Home, adjacent to Marlborough’s Union Common. The property was purchased from Rowe in 2020 for $650,000 by Marlborough TOTG, a Harvard-based entity.
Dubbed Exchange Place, the proposal was subject to a 2023 lawsuit between JW Capital and the City of Marlborough involving a dispute over the site’s parking plan; that lawsuit was settled in March, according to reporting by Patch News. The settlement resulted in an amended site plan, which was approved by the Marlborough City Council during its June 3 meeting.
The 0.88-acre parcel, which still contains the funeral home originally built around 1850, was given a tax assessment value of $686,200 in 2024, according to City of Marlborough property records.
Eric Casey is a staff writer at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
