SPRIINGFIELD – The city has completed the purchase of three downtown office buildings for $ 2.75 million near MGM Springfield to guide and protect future uses.
The completion of the sales was announced by Colebrook Realty Services Inc., which covers approximately 133,995 square feet of mixed-use buildings along the Main Street corridor, Colebrook said.
The buildings are located at 1139-1155 Main St, 113-115 State St. and 11-21 Stockbridge St.
The city announced plans to purchase the buildings on Aug. 3, using federal COVID-19 aid funds under the American Rescue Plan in connection with permitted economic development initiatives.
The three buildings had not received any minimum bids at the foreclosure auction in November 2019. The following month, mortgage lender Freedom Credit Union put the property up for sale for a total of $ 5 million.
City officials, including Mayor Domenic J. Sarno and Chief Development Officer Timothy Sheehan, were concerned that this strategic area could experience adverse developments or under-uses if the city does not intervene.
Colebrook said in a prepared press release that the properties “represent a key block for the City of Springfield as they are so close to the MGM Casino development and a major downtown intersection.”
âThey also serve as important office and retail locations for local businesses. Strategically, these buildings are important to the city’s ongoing initiatives and development goals, âsaid Colebrook.
Colebrook represented the Freedom Credit Union in the sale of the property to the city.
“The state and major properties are an integral part of the city,” said Mitch Bolotin, principal / vice president of Colebrook. “It was important to have proper management and ownership of these properties and now, with the City of Springfield, these properties are in good hands and will continue to add to the fabric of downtown.”
The buildings include the distinctive former Masonic building on the corner of State Street and Main Street with its distinctive copper-clad tower.