Cabotville Mill in Chicopee up for auction again starting at $8M

[Music] the former catville industrial park is going back up for auction after plans for the rehabilitation of the property fell through for a second time tonight's news reporter dunk mlan is live in the studio with how we got here and what the city hopes comes next Rich the 700,000 ft facility is spread across seven buildings all set along the Chickapee River Front and looms over downtown it's supposed to be the glittering Jewel of chick's downtown renewal but the road bump continue the property was first purchased from the city by for Perkins LLC which named the project silver brick Mills a couple of years ago and got all the way through the approval and finished architectural designs for the first phase of a 600 unit mixed use rental property but execution fell short and it was sold again back in August of this year to an anonymous private developer despite the setback it remains a potential centerpiece of renewal tying the city's present to its past you'll see that it's often referred to as sort of the Catalyst uh for everything else that we want to do so it ties the city today uh to its industrial Roots um and to lose that uh would really feel like losing a piece of our identity the auction is being held by RI Marketplace bidding opens December 5th at noon and ends December 7th at 1 p.m. the starting bid $8 million 2.5 million less than what it sold for back in August wow is there any idea how much this would cost to finish the project well actually when silver brick bought it a couple of years ago they did get a plan all the way through the approval process that would cost $45 million for just phase one which would have been about 280 of that 600 apartment uh plan they had and it'd be another $35 million to get all the way across the finish line so certainly a big hurdle to clear it's more than CH Otani fact yeah could use him do that instead right thanks St thanks right