Bank Row buildings go for $304,500

By David Vallette

04/29/2008- The Republican

GREENFIELD - The Greenfield Redevelopment Authority has acquired two buildings on Bank Row, the first of several it intends to take by eminent domain in the Bank Row Urban Renewal District.

The authority voted unanimously yesterday to take the 21-23 and 25-27 Bank Row properties and will market them to developers.

The buildings were taken from heirs of lawyer Sebastian J. Ruggeri. The heirs had declined to negotiate with the authority for their sale. The prices paid were $59,500 for 21-23 Bank Row, and $245,000 for 25-27 Bank Row.

Authority Chairman William F. Martin said the prices were determined after two independent appraisals of each building.

Edward P. Smith, legal agent for the authority's property acquisitions, said title to the properties will be in the board's hands when deed recordings are filed today at the Franklin County Registry of Deeds.

Martin said that while the Ruggeri family members can legally challenge the prices, the acquisitions are firm and cannot be revoked.

The estate is controlled by Avis Kirchdorfer of Buckland, who could not be reached for comment last night.

The authority expects to soon add a third Ruggeri property, 3 Bank Row, to its takings. That building is at the corner of Main Street and only houses a Bank of America automatic teller machine. A second appraisal is awaited before the eminent domain taking is done, Martin said.

Martin said he will notify Bank of America about the taking, and will also meet with the sole tenant of 25-27 Bank Row, Dr. Richard C. McGinn, who has a medical office there. The other building, 21-23 Bank Row, is unoccupied, he said.

The authority also announced it has obtained a $300,000 line of credit, collectively from three local banks, to add to its fund for property acquisitions.

Martin said two developers are "very interested" in the two just-purchased properties. Their plans involve first-floor retail and upper-floor commercial uses, he said.

The authority plans to turn the properties over to developers who produce authority-approved redevelopment plans.

Other properties in the district targeted for redevelopment include the Allen Block on Bank Row, the Garden Cinemas building on Main Street, and a former auto parts store on Olive Street.