Developers who planned to demolish a 115-year-old retail building on Park Street and construct a three-story building in its place have put the property and development plans up for sale with a price tag of nearly $1 million.
Hinsdale Properties, a family-owned development company in Burlington, owns the building at 15-23 Park St., the previous home to the Verizon store. A sale brochure from Donahue & Associates, which is listing the property, says the building dates back to 1900 and is currently at 25 percent occupancy.
The Hinsdales received approval from the village planning commission last year to demolish the structure to make room for a 32,500-square foot mixed-use building – the first floor retail and the next three floors housing 28 market-rate one-bedroom apartments.
A listing on Donahue & Associates’ website shows the developers are now asking $950,000 for the existing two-story building and development plans for the new structure. The listing reports the owners paid about $200,000 to obtain the plans and approval, and the sale brochure notes the properties’ taxes last year were about $9,900.
“All architectural and engineering is complete, and the property owner has buildable construction plans in hand,” boasts the listing, which calls the property an “exciting new investment opportunity.”
The buyer will need to re-apply for approval with the village PC, however, since development approvals in the village expire after a year – a deadline that passed earlier this month.
Kendra Kenney, a realtor listing the property, said her clients decided against re-applying for the approvals themselves since they don’t plan to develop the property. She said the village assured clients the project shouldn’t have any trouble getting re-approved.
At the January 2018 hearing, planning commissioners briefly questioned whether the Hinsdales could secure tenants for the property before noting those concerns are for the developer to consider, not the village. Kenney confirmed the Hinsdales’ decision to sell had nothing to do with trouble finding tenants.
“They are more Burlington-focused, and when they were looking over all of the projects they have going on, this one seemed like it was a little bit further out,” Kenney said.
Multiple messages for Jacob Hinsdale, property manager for Hinsdale Properties, went unreturned.