John Barros, Bostons first ever economic development chief, and Mayor Marty Walsh are among a group of city officials who would like to see a recently foreclosed Dorchester property, home of the oldest black fraternal organization in the country, Prince Hall Grand Masonic Lodge, remain an integral part of the community. The City of Boston is engaging in preliminary talks with the current owner of Prince Hall, Providence-based Northborough Capital Partners LLC, to help shape a future development strategy for the foreclosed property. While, ultimately, Northborough will decide what becomes of the property, the City of Boston recognizes that Prince Hall remains an important landmark within the Dorchester community. With the interest of the community in mind, the City has reached out to various Dorchester neighborhood groups and residents for feedback regarding what they would like to see occupy the parcel. During negotiations with Northborough, the City will act as a representative for various community stakeholders. Prince Hall, a 29,000-plus square-foot building that occupies 14,000 square feet at 18-24 Washington St., was scheduled to be sold at an on-site foreclosure auction on April 17. However, Prince Hall officials were reportedly able to reach an agreement with Northborough to avert the auction. In 2006, the Boston Business Journal reports, Prince Hall, a nonprofit organization, took out a $300,000 mortgage from Sovereign Bank, now Santander, which recently sold the loan note to Northborough after the group struggled to make payments. The Bay State Banner reports: Prince Hall officials paid more than $30,000 in penalties and interest for defaulting on a $300,000 loan, according to a lodge member who spoke on the condition of anonymity. The lodge has six months to pay off the remaining principal on the loan. …The notice of the impending auction sent shock waves through Boston’s black community. The Prince Hall Lodge has been the site of numerous community events, including concerts, community meetings and political rallies. Sitting on an acre of land, it is one of the largest black-owned parcels of commercial real estate in the city. On its website, Northborough claims to specialize in purchasing troubled loans through commercial lenders and other auction facilities. According to the City of Boston Assessing Department, Prince Hall’s total assessed value ballooned up about $800,000, in 2006, to more than $1.4 million. In 2005, the property was valued at just over $630,000. Currently, the Dorchester parcel has an assessed value of $2.4 million. full article: bostinno.streetwise.co/2014/04/26/boston-officials-negotiating-with-owners-of-dorchesters-prince-hall/
Posted on: Sun, 27 Apr 2014 21:27:17 +0000
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