The Bancroft Building, a mill building on a Framingham site slated for 258 units of housing, has sold for $3.75 million.
The building was bought by 59 Fountain Framingham Owner LLC, an entity with addresses in New York City and Newton incorporated last December. The sale closed Jan. 22.
A proposed redevelopment of the site calls for 258 residential units in both a renovated Bancroft Building and a new six-story building. The site’s new owners have taken out a mortgage of up to $47.5 million from Avidia Bank, according to filings with the Registry of Deeds.
The three-acre site, which sits along the north side of the MBTA commuter rail line, was owned by Bancroft Fountain Realty and last assessed by the city at $2.7 million. The roughly 150,000-square-foot Bancroft Building was built in 1905.
The Bancroft Building was in recent years home to small businesses and artists, but its future is slated to be home to residential units, with the Framingham Planning Board approving a plan for the project Jan. 18, according to city records.
Plans call for the Bancroft Building to be renovated into 160 residential units, in addition to multipurpose meeting and function space. In a second phase, 98 units will be built in a new story-story building — four floors of housing over two stories of parking — on what is now parking near Farm Pond. The developers will set aside 26 units in the development under affordability restrictions.
The Bancroft Building site joins proposals in downtown Framingham that could bring hundreds of new housing units to the neighborhood.
