We have a large purchase to report. A transaction for 301 Grant Street has occurred, a sale from 301 Grant Street LLC (a VTT company) to Premier Investment Properties LLC has closed as of Dec 1. Premier Investment Properties LLC is owned by Michael Ermani, of Worcester.
Ermani represents big money. Just a couple months ago, he purchased a 30 apartment complex in Worcester for $6.3-million. In 2021 he purchased a 48 unit Worcester complex for $6.6-million and announce he would turn it into luxury apartment residences.
Is that’s what’s going to come to this Grant Street site? More ‘luxury’ properties smack right near downtown??? It should be known that this is not a property in the Central Business District, which means a mega-apartment rebuild is not by-right in terms of zoning, so to increase the size or scope of the structure height or ground coverage, would require working with the city for permissions. That said, the new owner has likely had contact with the city, because why would he buy the property if the city was adverse to his ideas for the site.
The 301 Grant Street property sold for well over the city assessed value. The city has assessed the property for $4,410,000, and the sale nearly two-million over that. The property is 1.21 acres in size, and shit, if the city wants it, the site can become host to a high density mega-apartment building. Perks to this site include the fact it is ajacent to a city owned park, which if creatively done, can hide a massive building.
You saw it first here. Look for a proposal for this site to be floated to the public in the next few months.
