Methuen plans to sell a previously contaminated property—vacant since a 1994 fire—which will be redeveloped into 76-88 apartments and adjacent retail and restaurant space.
Methuen Mayor Neil Perry hailed the plan Monday, saying it relives the city of an environmental problem it inherited after taking the property more than 20 years ago for back taxes.
“The conceptual plans check off nearly every box the city could possibly hope for when it comes to historic preservation, blight removal, environmental cleanup, new tax growth, affordable and market-rate housing, commercial investment, downtown revitalization and access to transportation and recreation amenities like the Rail Trail, Spicket Falls and nearby parks,” he said.
Methuen will begin formal negotiations with SAi Group, of Salem, N.H., to sell 54 Osgood St. for $134,900. SAi Group responded to the city’s request for proposals that was issued in May. The proposal encompasses not only the city parcel, but a total of 1.5 acres, involving the adaptive reuse of the historic Methuen Company Storehouse into retail/restaurant space.
SAi Group President Anton J. Miller said in a joint statement, “It was clear from the RFP process that the City of Methuen is committed to not just selling 54 Osgood St., but to having a partner and advocate in transforming this long-neglected area that is so rich in history and centrally located.
The quarter-acre parcel is located at the junction of Osgood and River Streets in Methuen. It was taken by the city in December 2002 and had been the location of Precise Circuit Tech, a plating company in operation from 1974 to 1994. The business was destroyed by fire in January 1994.
SAi will also conduct additional environmental testing on as a condition of their purchase.
Methuen Economic & Community Development Director Jack Wilson acknowledged many years of support from the U.S. Environmental protection Agency, state Department of Environmental Protection and Merrimack Valley Planning Commission.