October 17, 2018

Menkiti Group to acquire pawn shop building on Main Street from MassDevelopment

Courtesy/MassDevelopment
The state agency MassDevelopment is selling this building to the Menkiti Group.

The Menkiti family is making yet another move to purchase property downtown, as the Menkiti Group has agreed to a purchase and sale agreement to buy the former Pawn Shop building in Worcester.

The 526-538 Main St. building was acquired by MassDevelopment last year for $800,000 via the agency's Transformative Development Initiative Equity Investment program.

The Menkiti Group submitted a comprehensive offer to MassDevelopment though a public request-for-proposals process, proposing to redevelop the building by offering retail, arts, and cultural uses to reinforce the neighborhood's identity as an arts and entertainment destination.

The sale, for an undisclosed price, is expected to close in spring 2019.

The pending acquisition adds to the family's growing portfolio of projects in the Theater District, said Bo Menkiti, founder and CEO of the business.

"We recognize the significant architectural, cultural, and educational community assets that are here, and we look forward to working with existing stakeholders, local creatives, and entrepreneurs to enhance and harness those assets to develop a thriving, diverse, and economically vibrant neighborhood," he said in a statement.

The Menkiti Group in July purchased Frank Carroll's Main Street building for $4.8 million, and Bo Menkiti's father, Ifeanyia Menkiti, purchased the 204 Main St. building in August for $860,000. Ifeanyia Menkiti also bought 405 Main St., which housed the former Shack's Clothes store, for $1.25 million and has said he plans a cultural center for the building.

The 526-538 Main St. building has more than 16,000 square feet of vacant space on the first and second floor.

The Muse Bar occupies 1,000 square feet on the first floor.

According to city records, the 27,500-square-foot property was assessed this year for $1.1 million.

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