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Date: 3/8/2023
SPRINGFIELD — One of the largest building owners in downtown is now shedding its commercial properties.
The New England Farm Workers Council is selling many of its commercial real estate holdings to raise money that would go to develop additional emergency shelter housing.
Daniel Knapik, executive director of the nonprofit agency, explained to Reminder Publishing that most of the buildings are still carrying a mortgage. Some have been sold or are under negotiations or under contract.
One of the most prominent of the nonprofit’s holdings is the Paramount Theater block and Knapik said there is a purchase and sale agreement in place with a group; he did not identify the buyers.
The building is now sealed with a new roof having been installed thanks to state funding and the rooms in the former hotel portion of the building have been gutted and are ready for renovations.
He called the project “pretty active,” with regular meetings with the potential developers. Currently, there are consultants who have been evaluating the building to determine steps necessary to bring it up to code. Knapik added the proposed buyers have been investigating using a geothermal heating system for the building.
The buyers are now speaking to lenders and Knapik said he is hopeful for the transaction to be completed later this year.
One of the buildings on the sales list is 9-11-13 Hampden St. which is the home of the council’s offices. Knapik said part of the sales agreement would be a lease arrangement for five years followed by two more five-year periods.
“We don’t want to leave downtown,” he said.
The council is currently negotiating with Peter Picknelly, whose restaurant The Student Prince is one in of the buildings for sale, 1610-1624 Main St., Knapik said.
Two other buildings on Hampden Street are also for sale, 21-23 Hampden St. and 32-34 Hampden St.
Other downtown locations include 1628-1640 Main St. and 1666-1670 Main St. are on the list as is 1655. The Board of Trade building is under contract at 1645-1663 Main St.
Knapik said he believes there will be greater interest in the buildings with a stabilization of interest rates.
He added buildings such as the Board of Trade building are a valuable asset today. They offer commercial/retail space on the first floor and could be renovated into apartments. Knapik noted there is a large pool of federal and state dollars to develop workforce and market-rate housing at this time.
“We’d like to see more residents downtown,” he said.
The council has four buildings in Holyoke: 211-213, also known as 213-215 High St., which has been sold; 203-205 High St. which is under contact; 217 High St.; and 225 High St. The Latino Professional Building.
Knapik said The Latino Professional Building is presently going under renovations which will make it more attractive to buyers.
The council entered into a contract last July with L& P Commercial to represent the properties.