I am happy to report that there have been very positive developments regarding several key commercial properties throughout Melrose in recent weeks. As Mayor, I am often asked about specific properties. I am extremely encouraged by the direction of each of these crucial pieces of property in the City that are under new ownership and/or agreement. In Melrose, where nearly 95% of the properties are residential, having thriving businesses in our commercial districts is especially important.
Here is a rundown of recent developments:
Additional parking for downtown Melrose!
In addition to the positive real estate developments described below, I am happy to report that I have sent a bond authorization to the Board of Aldermen for the City to purchase the property located at 1 Kimball Court (abutting Dills Court or Shaw’s Parking Lot) that was for sale. The acquisition of this property, if approved, will allow the City to add 21 critical parking spaces to that municipal lot. This will add a significant amount of parking to our downtown area that will give an immediate boost to local businesses and their patrons.
523 Franklin Street (Corinthian Hall)
This anchor property in the Melrose Highlands was recently purchased by Cambridge West Partners LLC. I am very excited about their vision for this property, which will be a tremendous benefit to this newly renovated business district. Sujit Sitole, a principal in the company, said, “Melrose is lucky to have many established neighborhoods full of local and national businesses, and of course three train stations. The City’s investment in these neighborhoods and visible commitment to smart growth is creating a great opportunity for businesses and residents. This is very apparent in the Highlands, where the City has set the table for the neighborhood to grow into a transit oriented village with the high quality of life that is unique to New England. “
530 Main Street (Moynihan Plaza)
This landmark property in downtown Melrose formerly housed Breads and Bits of Ireland and currently is where Spice Thai and several other small businesses reside. The property in recent weeks has been purchased by John Wise, a respected business leader in Greater Boston. There are several exciting improvements and renovations in the works for this property. His goal is to restore this property and enhance our beautiful downtown.
681 Main Street (The Caruso Building)
After several years of vacancy, this building has been purchased and we are enthusiastic about the renovation and development of this property. This property will soon be under solid ownership, and residents should see improvements in the near future. We will be having discussions with the owners in the coming weeks.
454 Main Street (Absolutely Fabulous)
I am pleased to hear that a lease is being finalized that will bring a high end Italian restaurant to the location previously occupied by Absolutely Fabulous. There will be much more on this in the weeks to come but this is certainly a very positive development at this property downtown.
As we go into the summer, please make it a point to shop local during this summer season. The future of our business districts is in our collective hands.
Have a great Fourth of July, Melrose!