November 12, 2017

MassDevelopment opens bidding process on Money Stop building

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Money Stop

Sun Staff

MassDevelopment bought the Money Stop building downtown in June. Now it's looking for a permanent owner.

With news of the city moving toward acquiring 517-521 Main St. — a troubled, but key, parcel in its 2016 Downtown Urban Revitalization Plan — a nearby property also expected to be a major piece of the puzzle appears closer to joining the renaissance. But it won’t come cheap.

MassDevelopment, which bought The Money Stop building at Main and Chatham streets in June for $800,000, issued a request for proposals and qualifications last week, opening the door for potential developers and investors to bid on the 27,000-square-foot, two-story structure that dates back to 1893.

The RFPQ is supplemented by a number of supporting documents, including a due diligence report prepared by CSS Architects of Wakefield, which revealed a litany of required and suggested improvements to the building expected to cost millions of dollars.

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