Maynard firm uncertain about Kelley Square property
A Maynard-based company is considering options for a property it bought last year in Kelley Square in Worcester, including a sale.
Wellesley Cos. bought 152 Green St. in Kelley Square, along with an adjoining parcel at 220 Harding St., in May 2006 for $910,000 with the intent of turning the property into residential condos, according to Greg Lund, a spokesman for the Maynard firm.
But since the purchase nearly a year ago, Lund said the development is "up in the air."
Wellesley Cos. isn't actively marketing the property, but Lund said the company would entertain the right offer.
"We think (the property) has more potential to be developed on its own," said Lund. "We've spent some time and money considering our options with the property, and we're further along today, so we've got that progress in hand. But if the right offer or group came along, we'd obviously entertain it."
The parcel, site of the former Bumper to Bumper auto supply company, includes 15,000 square feet of open space behind a two-story, 60,000-square-foot building. It was purchased from Bruce Smick Realty Corp. and Cherry Valley Realty Inc.
The parcel offers great commercial visibility in Kelley Square, Lund said, with easy access to Green and Harding Streets.
The property is currently part of a five-year real estate fund managed by Wellesley, and there is no immediate timetable for its eventual redevelopment, Lund said.
"The property was bought by us not necessarily with an immediate development opportunity in mind," said Lund. "Rather, we looked at it with the attitude, 'Hey, this is a great site at a decent number. We'll figure out the best development plan with the site in hand.'"
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