Friday, May 25, 2007

"Mill" you please buy me?

I’m only 87 years old, I have 90,000 SF of floor area on two levels in my main building, and I have another 40,000 SF on two levels out back. All of this is situated on 4.5 acres of prime land right downtown Leominster and I can be yours for $2M.

If you act now, you also get to pick up the tab on a complete restoration that could top $5M or more!!!

You’re probably asking yourself...”Is this guy crazy???” Why would somebody want to spend $5M to fix up a property they just purchased for $2M (hopefully you can negotiate that price down closer to $1.5M)?

This is a question that is being answered in the Lowell/Lawrence area, in Fitchburg, and even here in Leominster. Developers are slowly but surely realizing there is some value to these vacant, run-down eye sores scattered throughout the area. The property I was referring to is an available mill building at 98 Adams St in Leominster.

A couple of perfect examples of ongoing mill renovations in the local area are Bob Ansin’s project on Oak Hill Road, The Massachusetts Innovation Center Mass Innovation Center and Steve Boucher’s project on Lancaster St; The Gateway Business Center. These two developers went to bed one night never having thought about renovating a mill before but woke up the next morning and unknowingly began a journey that would take them to the forefront of a growing trend in real estate development in Massachusetts. They’re spending hundreds of thousands and even millions of dollars to turn these properties around.

Leominster’s Mayor Dean Mazzarella and Fitchburg’s Mayor Dan Mylott would surely like to see these buildings renovated and occupied by start-up businesses, law firms, technology companies, and a host of other professional businesses. The recently formed Economic Development Council recognizes the potential for these properties and wants to help developers get funding to subsidize the cost to redevelop the buildings.

Ultimately it’s going to benefit the local economy with the increased tax revenue; it’s going to benefit the small business owner because renovated mill space has historically seen lower lease rates than a standard high rise office building like the Longview Corporate Center on Erdman Way or 14 Manning Ave, downtown Leominster; and it’s going to further benefit the local community and the economy by creating jobs and putting the guys to work that will be in there completing the renovations.

Where is the support of the Legislature???

How about a grant program geared towards the redevelopment and reuse of existing buildings for alternative uses?

How about some financial support for the Steve Bouchers and the Bob Ansins???

They made a commitment to the local economy the morning they woke up and decided to renovate a mill building. They decided to do something about an eye sore in their community. If the Legislature doesn’t get involved, there aren’t going to be any more Steve Bouchers or Bob Ansins and the 87 year old mill will sit vacant for another 87 years...

No comments: