Norwood's Forbes Hill Property Back On The Market For $16M

Will the third time be the charm for the Town of Norwood to sell the historic Forbes Hill property?

That's what Tony Mazzucco, the town's general manager, hoped as the Board of Selectmen decided last to put the 27-acre parcel off of Upland Road back on the market for $16 million.

"The board came to the conclusion that we should just sell it," said Mazzucco in an interview on August 23. "It's not a great site to hold onto because there's a lot of ledge and it's hard to access. I know it's nice for the town to own a mansion, but there are other potential uses for the property."

The first purchase attempt from the town was made by Dr. Roberto Feliz, a Hyde Park pain management specialist and anesthesiologist, who sought to create a $260 million medical mecca with a conference center and 80 housing units.

"He put down a $500,000 non-refundable down payment," Mazzucco said. "But ultimately he couldn't get the financing."

During the second round, Continental Properties won the bidding process with a $13.5 million proposal and sought to build housing rental units. However, the case became tied up in court until nearly a month ago, according to Mazzucco, because the lowest bidder, Pulte Homes, contested the bid, saying it was incorrect.

"It's not surprising, because nine out of 10 times, there will be a challenge to a bid in a municipal procurement process," Mazzucco said. "We finally heard back from the court a few weeks ago after a year and a half. It turns out that there were technical difficulties in the bids from all three developers, including Pulte Homes and Charles River Realty."

Because of the debt service incurred over the past several years, the Board of Selectmen decided to up the price to $16 million. The town also has spent money on the property's upkeep while it has been dormant.

"The $13 million price had been based on building housing," Mazzucco explained. "The value of the property is based on what can be built there."

The town originally bought the property in 2017 for $13 million, to be paid over 20 years, after receiving approval from Town Meeting by a 99-47 vote. The purchase of the historic site, which includes the Forbes Mansion, prevented a real estate developer from building affordable housing there under the state's Chapter 40B statute. Also included in the proposal were budget allocations for $230,000 in annual maintenance costs plus the $1.3 million required to renovate the mansion.

Another community appraisal of the property will not be necessary, the general manager explained. The property has been maintained over the past few years, so its value has not deteriorated. A new appraisal costs about $10,000 and would take between three and six months to complete, he said.

The property includes the site of the former Polaroid plant.