Aug 242014

The old Groton Inn tract, almost ready for a new life as the heart of Groton center.Art Campbell | The Groton Line

The old Groton Inn tract, almost ready for a new life as the heart of Groton center.
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Chris Ferris says September 2 is The Day. The day he and partner Richard Cooper and their development company, 128 Main Street LLC, will close the sale of George Pergantis’s 8.5 acre property and take control of the tract in the heart of Groton center. The day the “Olde” Groton Inn era closes and the new Groton Inn era begins.

When there was snow on the ground early this spring, Ferris was hoping the closing could take place as early as June or July. An initial closing date of July 18 slipped by because Cooper, Ferris, and their bankers couldn’t all be in the same place at the same time. Another loose plan to close later in July didn’t come together and the month slipped by. An August closing was derailed because three of Pergantis’s apartment tenants and Pergantis hadn’t moved out of the two apartment buildings at the rear of the property.

But now the apartments once occupied by tenants are vacant, Cooper told Ferris early this week. The financiers are lined up. And September 2 is Closing Day, Ferris said.

“We’re planning on Tuesday, the second. That’s the target date and at this point it looks like we’re on target. But even the best-laid plans go awry,” said. “And once Labor Day is behind me, my schedule frees up a lot more and I’ll be down there on a much more regular basis.”

Pergantis agrees September 2 is The Day.

“Now listen carefully,” Pergantis said ten days ago. “The property is sold. In a week, a couple weeks, I will move to Fitchburg. I’ll open a restaurant, with a full liquor license and the restaurant; I’ve got a nice house by the restaurant; it’s all done.”

Ferris is confident enough that papers will change hands that he has offered the two apartment buildings and the converted 1913 garage building to the Groton Fire Department for training, before demolition begins.

And demolition will begin pretty quickly, he said. Foundations for the new Groton Inn hospitality campus should be poured this summer and fall, so construction can continue over the winter, Ferris said. The new $15M Groton Inn complex includes a 29 room inn modeled after the original 17th century building and several secondary buildings with suites, apartments, and function facilities.