Briefing: Higgins Armory Sale
There are many questions about what will happen to the historic Higgins Armory Museum in Worcester after its planned closing at the end of the year.
Built by Worcester businessman John Woodman Higgins, the Higgins opened in 1931, becoming one of the few museums outside Europe dedicated to knightly armor. At the time, the glass-and-steel building was considered state of the art, but museum officials could have a difficult time finding a buyer in today's market, as real estate experts say the building needs extensive renovations for current uses and is not well-suited to modern business tenants. Higgins officials have said they're not targeting any particular use as they look to sell the site.
How will the process unfold?
On Nov. 13, the Higgins announced it has begun the process to sell the 42,000-square-foot building, and the 4.75-acre parking lot next to it. To find the best use for the building, museum officials have established an advisory committee. The committee includes real estate professionals, urban planners and historic architecture experts.
The committee will issue a request for proposals in early 2014, and will consider a number of factors, such as planned use, price, development time frame and community impact, in selecting the buyer. A public forum was held last week.
How much is the property likely to fetch?
No asking price has been set, and it's difficult to predict what range the offers fall within. Thomas Kelleher, principal of Worcester-based commercial real estate firm Keller & Sadowsky, said in the spring that if a developer sees an opportunity to redevelop the building at a profit, the price could fall between $15 and $20 per square foot. The assessed value of the Higgins property is $13.9 million, but Kelleher said it's unlikely it will sell for anywhere near that.
Where will sale proceeds go?
The proceeds will go to the Worcester Art Museum, which will receive Higgins' $2.9-million endowment, along with its collection of arms and armor after the Higgins closes.
Does the building's historic nature impact future use?
The Higgins is listed on the National Register of Historic Places and with the Massachusetts Historical Commission. According to the museum, this will not impact the sale process itself but could impact future use of the building.
Read more
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