Overview: Miamilx, with Selim Lahoud as the principal owner, is proud to announce the redevelopment of the property at 190 W. Main St., Millbury, Massachusetts. This property is being transformed into a multi-use development that combines historic charm with modern aesthetics, showcasing Miamilx commitment to innovative design and community revitalization.
Project Details: The property comprises two main sections, a 2-story office building facing Main St. and a connected one-story warehouse at the rear, with frontage on Willson St. The property was acquired in 2017, and extensive renovations have been undertaken to prepare it for its next chapter.
Renovation Work Completed:
Complete cleanup and demolition of old structures, including removing obsolete docks.
Conducting and completing lead and asbestos surveys, followed by safe removal.
Extensive environmental surveys, land surveys, engineering surveys, and structural analysis.
Architectural planning and implementation to bring the property up to modern structural and energy efficiency codes.
Renovation of the exterior facade using EIFS (Exterior Insulation Finishing System) and stucco, with additional parking spots created to provide eight off-street parking spaces for future residents and visitors.
Development Plan: The project will see the creation of a cohesive multi-use community:
Residential Development: The existing warehouse building is being redeveloped into 8 luxury condominium units with indoor parking facilities for each unit.
Office and Commercial Space: The front office building will be redeveloped into 6 high-end triplex condominium units, each with dedicated parking. The ground floor will be adapted for upscale office and commercial use, integrating the property’s history into a modern setting.
Funding and Financials: Miamilx seeks $700k as a first mortgage and an additional $1.4 million for construction, with a one-year duration for the mortgage. The property currently has an existing mortgage of $700k held by Mr. Shawqi Alsarabi, a private lender. All interest payments are deferred until the completion of the project and subsequent sale of units.
The total cost of the development is projected to be $1.3 million, while the anticipated sell-out value of the fully developed units is $4.2 million.
Pre-Sales and Market Response: Keller Williams brokerage has already launched a pre-sales campaign, with significant interest from high-net-worth individuals interested in reserving the luxury units. David Hill, our broker, is confident that all units will be sold prior to completion.
Upon securing the necessary funding, Miamilx will begin accepting reservation deposits for the units.
Developer Profile – Selim Lahoud: Selim Lahoud brings over 18 years of experience in property development, specializing in projects that maintain and enhance the historical character of buildings while incorporating contemporary design elements. His projects, such as the transformation of 37-49 Pleasant St. and the historic Byblos Lounge at Union Station, demonstrate a passion for blending historical significance with modern living.
190 W. Main St. continues this tradition by retaining the essence of the existing structures while redefining them as a vibrant residential and commercial space, set to become a cornerstone of the Millbury community.