The long-anticipated sale of 128 Main Street, transferring ownership of the old Groton Inn site from George Pergantis to the development team that plans a new hospitality campus at the entrance to Groton Center, has been delayed.
The closing, originally set for July 18 by developers Richard Cooper and Chris Ferris, will still take place in July, according to John Amaral of Omni Properties, the local realty company that helped put the $15M deal together. But the date hasn’t been set yet.
Ferris said the delay was disappointing, but wasn’t a large problem, and was entirely on the development company’s side of the sale. Pergantis, the current owner, has earned an interesting reputation in realty and legal circles because of a history of walking out of previous pending sales.
“It’s all on our side, trying to get all our ducks in a row — lawyers and documents and deeds and so on in order. And at the same time, we wanted to give ourselves a little breathing room. Still this month, definitely. We’ll have a definite date probably by the early part of next week. We’re still dealing with some banks … it’s all on our end. George is frustrated — he wants to get out of there,” he said.
Cooper and Ferris, the principles in 128 Main Street LLC, announced plans for a new Groton Inn development complex last August 2, on the anniversary of the file that destroyed the landmark in 2011. One of the conditions written into the purchase and sale was that all permits needed to be in hand, and Cooper and Ferris reached that milestone earlier this month when the Planning Board and Historic Districts Commission, the last two town regulatory bodies, gave their approvals.
The new Groton Inn complex includes a 29 room inn modeled after the 17th century building and several secondary buildings with suites, apartments, and function facilities. Demolition of buildings on the 8.5 acre tract will begin in August, Ferris said, and foundations for the new buildings could be poured by the end of this year.Related