As 2022 came to a close, Stonegate concluded the purchase of 278-284 Grove Street in Worcester, MA from Bodycote Processing Inc. The 2.82-acre, 5-parcel property borders its existing holding at 286-288 Grove Street, a medical/office building and pad site soon to be occupied by Middlesex Savings Bank. After demolition and environmental remediation at the site of the new acquisition, Stonegate and partners will commence construction of a mix of commercial structures including office and retail opportunities. 278-284 is one of the last remaining parcels prime for redevelopment on the Grove Street corridor, which has seen great transformation over the past decade.
In addition to 278-284 Grove Street, Stonegate continued to expand its portfolio in several other markets and property types throughout the past year. Over 115,000 SF of commercial property was added, comprised of office and retail sites throughout eastern Massachusetts, the most prominent being 2 Newbury Street in Boston. This property’s interior has already been gutted and will soon welcome high-end retailers and office tenants. Stonegate also partnered with Long’s Jewelers on the purchase of 150 Granite Street in Braintree, securing the former Barnes & Noble site as a new location for the thriving jewelry chain. In Westborough, Stonegate grew its holdings with the near fully occupied office building at 134 Flanders Road and one of Massachusetts’ first solar arrays at 113 Milk Street.
Stonegate has also made strides in its mixed-use development projects in Natick, receiving key approval from the Zoning Board for 45 East Central Street and both Zoning and Planning Board approval for 21 Summer Street. 45 East Central, the former St. Patrick’s School, will consist of 54 rental units with retail space on the first floor. Similarly, the former Kells Beer Company at 21 Summer will be redeveloped with 13 residential units supplemented by first floor commercial space.
In 2023, Stonegate will continue to seek out opportunities that revitalize and enrich neighborhoods in Greater Boston and MetroWest. Each project has always been accomplished with the goals of enhancing local culture and supporting communities, and Stonegate will continue to forge ahead with these same values in mind.