BRMC deal possible as early as Labor Day
Published on June 16th, 1999
STONEHAM, MA -"There should be a sale of the Boston Regional property by Labor Day if everything goes according to plans," said Lisa Campoli of Insignia/ESG, the New York-based real estate brokerage firm handling the 40-acre Woodland Road property.
After the Boston Regional Medical Center — Stoneham's largest employer at the time — declared bankruptcy in February, a severely scaled down hospital has been operating as a debtor while the creditors and debtors search for a buyer.
Harry Murphy of Hanify and King, the Boston law firm representing the creditors of Boston Regional Medical Center, confirmed that bid packages are going out to prospective buyers this week.
"All the bid packages should be distributed by the end of June," Murphy said.
Murphy was more conservative in his estimate of how long it would be before a sale: "I think the property will be sold before the end of the year," he said.
Both Campoli and Murphy said the property was being offered to buyers in a variety of ways.
Alan Braunstein, of Reimer and Braunstein, the law firm representing the hospital, did not comment.
Some buyers, according to Murphy, are looking at the site in its entirety while others are looking at just the vacant lots or just certain buildings.
Campoli said the possible buyers include a biotech company, a group interested in using the site for senior housing, a hotel and developers looking to use the property for "traditional office uses."
Stoneham Town Administrator Jeff Nutting just wants something that will bring property tax dollars into the community. He has met with Campoli and Murphy and said a hospital and corporate campus are options the town could support.
"What we don't want is single family housing or apartments because they are a drain on services," Nutting said.
The property is zoned for medical use. A change in zoning made by a two thirds vote at Town Meeting or a Special Permit from the Zoning Board would be necessary for a new use of the property.
Campoli has spoken with Nutting, and she said she is aware of the importance of the property to Stoneham citizens.
"A successful sale of the property involves meeting the town's needs," Campoli said.
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