A shared maintenance and amenity agreement submitted to the registry shows both firms continue to develop their own residential condominiums at the site.
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Georgia-based homebuilder PulteGroup purchased part of a Marlborough site planned for 180 residential units for $4.8 million.
An entity managed by Pulte purchased two parcels on Lizotte Drive, where Southborough-based Ferris Development Group has been working to convert from an office building and parking lot into 180 residential units. The purchase was finalized Tuesday, according to the Middlesex South Registry of Deeds.
The sale allows Ferris to retain the lot with a five-story steel building it is converting into 74 condominiums, while selling two parking lot parcels planned for additional housing. Plans call for two new buildings on the Pulte-owned portion of the site to include 113 condominiums.
A shared maintenance and amenity agreement submitted to the registry shows both firms continue to develop their own residential condominiums at the site.
PulteGroup has built more than 875,000 homes since its founding in 1950, according to its website.
The project joins others in the region converting office properties into housing, a process that remains costly but could help the region tackle its housing crisis.
Ferris Development purchased the sites for $4.48 million in 2024. Combined, the properties received a 2026 assessment value of $7.47 million, according to City of Marlborough property records.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.
