Former Digital Property Sold For $7.6M
Years ago a massive 500,000-square-foot office and manufacturing complex in south Maynard served as a hub for innovation for Digital Equipment Corp.
But the property, located at 129 Parker St., has sat vacant ever since the company, which was bought out by Compaq, sold the property for $13 million in 2000, according to local land records.
On Tuesday, Anglo Irish Bank purchased the property for $7.65 million, which local officials hope will be the first step to once again making the property an economic hub for the town.
The auction marked a sad end to an ambitious plan. In 2006 the New Hampshire-based developer behind 129 Parker St. LLC, which purchased the three buildings on the site, had grand plans to redevelop the area into a mixed-use commercial and residential complex, complete with a grocery store, 100 housing units and 240,000 square feet of retail space.
But the project never broke ground and within the last year, the bank holding a mortgage on the property, Ireland-based Anglo Irish Bank, foreclosed on the site.
Going, Going, Sold
Anglo Irish Bank placed the only bid on the property during an auction on Tuesday run by Boston Realty Advisers.
There is "absolutely" opportunity to redevelop the site, according to Jason Weissman, who is a principal at the auction firm.
"I see this as a great location for retail, apartments, a national or regional grocer," he said.
Local officials say they're excited about the opportunities with the site.
Michael Sullivan, town manager in Maynard, said it's not uncommon to see banks repurchase properties that have been foreclosed on in an effort to start anew.
By purchasing the property, the bank has more control over its future use and can flip the property to another developer. Sullivan is also excited about the prospect of the bank paying more than $120,000 in back taxes that are owned on the site.
As for the future development of the site, Sullivan said it will likely need to be a less dense mixed-use development than what was originally considered for the site.
"We're living in a completely different time compared to when this project was proposed," he said. "What you would have done with a property like that four years ago is completely different than what makes sense now."
Other local officials are equally optimistic about future development. Michael Bingley, vice chairman of the local planning board, said the site is zoned for industrial or mixed-use development.
A wide variety of uses, from a supermarket, to R&D space, to a restaurant, or health center would be allowed by right, meaning it would not require zoning board of appeals approval.
Whether an office park or commercial development is constructed there, either would be able to tap into a market of affluent and highly-skilled workers in the northern Interstate 495 belt, he said.
"You have a workforce, or potential customers, right around you," Bingley said.
As for what the bank will do with the site, Bingley said he doesn't know.
"Obviously the bank is in the business to make money, so they're going to try to do something to that end," he said.
Officials with Anglo American Bank in Boston did not return calls for comment.
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