Worcester's Grid District developer buys Prescott St. building
Photo | Grant Welker
This former factory at 95-99 Prescott St. in Worcester was sold at foreclosure auction for $1.1 million.
The developer of Worcester's Grid District has bought a Prescott Street building that went to auction in December.
MG2 Group of Boston paid $1.1 million for the building, but the buyer's name wasn't immediately disclosed at the auction. The sale closed Feb. 4.
MG2 Group has developed a cluster of buildings on the south side of Worcester Common into 535 apartments and four restaurants. The transformation of that space includes knocking down the former Paris Cinema into the Beer Garden.
The former manufacturing facility at 95-99 Prescott St. will give MG2 Group a smaller but similar opportunity to remake an old building in a different part of the city. The 32,000-square-foot brick building stands just down the street from Worcester Polytechnic Institute's Gateway Park, Courtyard by Marriott, Hampton Inn & Suites, and the mixed-use Washburn & Moen mill building on Grove Street.
"We were really drawn to the area," said Joe Donovan, MG2 Group's vice president.
MG2 Group is working with architects and a general contractor to plan how to create a new lobby and prepare the space for lease, Donovan said, which could be for office or other flexible space. Uses would likely be compatible with Gateway Park, which includes WPI labs, a PracticePoint incubator facility and Massachusetts Biomedical Initiatives' start-up labs.
MG2 Group was one of five registered bidders for the property in December.
Property Alternatives Inc., an entity managed by Steven Daly of Millbury, took out a $1.1-million mortgage on the property from Millbury National Bank in 2009. The bank started foreclosure proceedings in September, according to the Worcester Registry of Deeds. MG2 Group is responsible for $570,000 in back real estate taxes.
The property was last assessed by the City of Worcester at $790,000.
As for the Grid District, the seven-building development is 95% leased, Donovan said. A new restaurant slated to replace the former Stix on Franklin Street is expected to open sometime in the second quarter of the year.
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