Mercantile restaurant development listed for sale for $5.7M

Image | Courtesy | Broadway Hospitality A two-story restaurant fills a space next to the Mercantile Center garage, leased by the Broadway Hospitality Group.

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By Katherine Hamilton

A development at 2 Mercantile in Worcester, which is slated to become an upscale dining spot seating hundreds of patrons, is up for sale for $5.7 million, $1 million more than the owner invested in renovations, according to the website of Kelleher & Sadowsky Associates, Inc., the Worcester company brokering the sale.

The story was first reported by the Telegram & Gazette.

The two-story development is leased in a 15-year agreement with the Broadway Hospitality Group of Boston, which plans to open a 500-seat restaurant called The Mercantile Roof Top Bar & Restaurant at the site.

The eatery was set to open this summer, but is now planned to open in 2022. BHG also owns the restaurant chain Tavern in the Square.

The 16,500-square-foot property is owned by Franklin Realty Advisors, LLC, a Wellesley real estate firm managed by Chip Norton.

Norton owns a number of large real estate projects in the region, including the Worcester Business Center, in which he invested nearly $15 million. Earlier in October, he sold part of the 1.2-million-square-foot Southbridge Innovation Center for $5.5 million.