posted on August 09, 2013 09:51
Boston Business Journal - Aug 8, 2013, 12:58pm EDT
Real Estate Editor - Boston Business Journal
The 15-year saga of the proposed CanalSide Commons, a 152-acre parcel in Bourne, Mass. permitted for 300 homes and 85,000 square feet of retail, will come to an end at a foreclosure auction later this month.
Daniel P. McLaughlin & Co. will hold the auction on Tuesday, August 20 at 11 a.m., at the property at Sandwich Road, MacArthur Boulevard and the Bourne Bridge Rotary. Prospective bidders are required to have a $100,000 certified or bank check.
“This is a very unique and exciting opportunity to purchase and build what may be the last large scale, mixed-use development on Cape Cod,” said Daniel McLaughlin. “This is an approved site at the gateway to the Cape and we expect bids from a retail or housing developer who see the opportunity to own this property where permitting has been done. Market Basket built a successful supermarket at the Sagamore Bridge which is proof that retail works at gateways.”
The drama began in 1998 when Len Cubellis agreed to buy the land from the DeCicco family. The approval process took years and in 2008 Cubellis filed suit against the DeCicco family and its land trust alleging a breach of contract and ordered the trust to stop its attempts to sell the property. Two years ago, Cubellis and L. Mark DeCicco settled out of court and the parcel was transferred back to DeCicco. But in June, Barnstable Superior Court approved Cubellis’ request to foreclose on the property for the family’s failure to pay the $3,8 million note held by Cubellis.
The parcel is assessed by the town at $2.3 million.
Commercial Real Estate