Former Intel property sold for $12 million

1320

Former Intel property sold for $12 million
Drone photography shows the Intel property. (Photo/Tami White)

HUDSON — Intel has sold its property at 75 Reed Road, which was the site of a proposed 1.2 million-square-foot warehouse in 2022 that was eventually defeated due to the efforts of residents and abutters.

As of Nov. 20, the 148.66-acre parcel was sold to Hudson Reed Owner LLC., a company based in Newton, for $12 million. Hudson Reed Owner is managed by National Development, a real estate investment and management company, according to the Worcester Business Journal.

On its website, the company identifies itself as a “vertically integrated real estate investment, development, construction and asset management firm” that has three decades of experience.

Director of Planning and Community Development Kristina Johnson said, “There are no redevelopment plans on the table or have been filed with the Planning Board.”

RELATED CONTENT: Hudson Planning Board approves Intel subdivision

At the Oct. 17 meeting of the Planning Board, the Sept. 20 application Intel submitted for a definitive subdivision plan that was approved by the board. The plans called for a cul-de-sac with three small lots with the intention of freezing the zoning, but not to build on the property.

As stated in a Sept. 23 memo from Johnson, “In accordance with Chapter 40A Section 6, the filing of the preliminary subdivision plan followed within seven months by a definitive plan is used as an instrument for a landowner to vest their zoning entitlements.”

Johnson said, “The sale has no impact on the Planning Board’s recent endorsement of the definitive subdivision plans, which is a mechanism that Intel … used pursuant to state statute to freeze their zoning entitlements for a period of eight years.”

RELATED CONTENT: Portman Industrial withdraws application for Intel redevelopment

She added that the entitlements will pass on to the new owner.

Furthermore, she states in the memo that “the land as shown on this definitive subdivision plan will be protected from subsequently enacted zoning changes, petitioned or municipally-sponsored.”

 

No posts to display