Fort Point Channel’s Worchester CitySquare Facing Foreclosure
Berkeley Investments Inc., the Boston developer of the stalled $563 million CitySquare mixed-use development in downtown Worcester, is facing foreclosure at nine of its properties in the Fort Point Channel area of Boston, the Boston Herald reported today.
Berkeley had planned a major condominium and mixed-use project in the Seaport District in Boston. Two of the buildings facing foreclosure in Boston are office buildings at 368 and 381 Congress St., the Herald reported.
Berkeley President Young K. Park could not be reached by telephone for comment this morning.
Berkeley had been facing foreclosure at three properties in the 20-acre CitySquare development, with an auction tentatively scheduled for the office buildings at 100 and 120 Front St. in Worcester, as well as a parking garage at Foster and Commercial streets. That auction was stayed, and Berkeley officials have not replied to requests for comment.
A subsidiary of the Worcester-based Hanover Insurance Group is negotiating to buy the properties that comprise CitySquare, with the exception of the properties that had formerly been the object of foreclosure proceedings.
In 2006 Mr. Park told the Telegram & Gazette that he was renovating a warehouse and adding three floors to create 100 units of housing at Fort Point Channel. In December 2004, Berkeley spent a reported $97 million to buy 14 buildings, two parking garages and four undeveloped parcels at Fort Point Channel from the Boston Wharf Co. Berkeley planned to build a 1-million-square-foot mixed-use development within walking distance of the Wharf District.
Wells Fargo Bank set a May 5 sale of the parcels after Berkeley defaulted on a mortgage, according to a legal notice announcing the auction, the Herald reported. Mr. Park told the Herald yesterday that he was trying to work through his problems with Wells Fargo.
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