March 29, 2012
Middlesex Savings Sells Development Rights To Senior Housing Project
Middlesex Savings Bank has sold the remaining development rights to a Worcester senior housing development, according to Colliers International, which represented the seller and the buyer.
The buyer is Capital Group Properties of Southborough, which has developed senior housing in the Boston area. The purchase price was not disclosed.
Salisbury Hill was approved in 2002 for 280 units. To date, 80 townhome units have been built and sold.
Robert Cronin, a senior vice president with Colliers, said "housing gridlock" resulting from a slow economy is the reason for the pace of construction so far.
He said he is confident there will be interest in a second construction phase at the development, which is on Salisbury Street, as the market rebounds.
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