Poloroid Foreclosure in Waltham Sold at Auction
The former campus of Polaroid Corp. on Route 128 in Waltham has been purchased for $40 million by Boston developer Sam Park & Co.
The status of the 120-acre parcel has been uncertain since late 2009, when bankers foreclosed on plans to build The Commons at Prospect Hill, an ambitious development of offices, shops, and restaurants, on the site.
Yesterday, Park said he’s planning a more modest mixed-use office and retail development for the site, with about a third less density than was planned by the previous developer. Specifically, Park said he would like to see a corporate headquarters, a department store, and a mix of national and local retailers.
Park said he bought the property because of its “prominence on 128, in the epicenter of technology outside Boston,’’ adding that he thinks “real estate prices have reached rock bottom, and we’re poised for an upturn.’’
Mayor Jeannette McCarthy of Waltham said she’s pleased with the new buyer, adding this is a great opportunity to deal with major traffic issues because Park has traffic design experience. “I’m happy with the fact that [Park] understands first-hand the problems,’’ said McCarthy.
The property was sold by German bank Helaba and PB Capital, which seized it in October, after bidding $42.5 million for the 120-acre site at a foreclosure auction.
Park & Co. also has been planning a development across Route 128 from the Polaroid site for more than eight years, but yesterday Park said he plans to develop the Polaroid property first.
“My hope is that we will be able to develop a traffic plan for the Polaroid site that will work with the development we’ve been working on across 128,’’ he said.
Park said he was planning “a phased development,’’ and was eager to get the project going.
“I’d like to get something started this summer,’’ he said.
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