A U.S. Bankruptcy Court judge has ordered the sale of the 750-acre Weston Nurseries in Hopkinton to Weston-based Boulder Capital after another prospective buyer bowed out.
An eleventh-hour bidding war over 750 acres of pristine farmland was averted last week when a developer withdrew a $21.5 million offer for the largest tract of undeveloped land in eastern Massachusetts. But there is no guarantee that the last firm standing will end up owning the parcel.
A team that included National Development, Diversified Funding Inc. and Charles River Realty Investors pulled out of the running to purchase Weston Nurseries in Hopkinton after its attorney raised questions about the terms of the purchase-and-sale agreement. As a result, U.S. Bankruptcy Court Judge Henry J. Boroff ordered the sale of the property to the original bidder, Weston-based Boulder Capital, for $20.5 million.
“It was high drama but we were certainly pleased with the outcome,” said Roy S. MacDowell Jr., president of Boulder Capital, following a marathon court session in Worcester. “We felt our original offer was reasonable and we would have increased it to stay in the game. But we would not have been overly aggressive because there is lots of work ahead.”
Weston Nurseries, located on Route 135 in Hopkinton – 25 miles west of Boston – is a regional landmark that has lured customers from the region for more than 84 years. But the garden center owners, brothers R. Wayne Mezitt and Peter Mezitt, have been embroiled in a family feud over the future of the fourth-generation company. A combination of bickering and declining revenues forced the pair to file for bankruptcy.
As part of the court’s reorganization plan, Weston Nurseries signed a letter of intent with Boulder Capital to develop about 500 acres of the nursery’s land. The Weston-based company wants to build a mix of single-family homes, apartments and condominiums, as well as commercial and retail uses, while keeping a portion for open space. The garden center would continue to operate in a new facility at the sprawling location.
Under the agreement that was signed in December, Boulder Capital would pay the Mezitts $20.5 million, an additional $5 million following permitting and another $12.5 million if the town approves 1,700 housing units on the site.
Following the offer and in keeping with bankruptcy court requirements, the judge invited other bidders to make offers within 30 days. Any new potential buyers would have to exceed Boulder’s bid by at least $1.5 million and meet the terms of the purchase-and-sale agreement. If there are multiple bids, the court will require a sealed final offer from all parties. National Development’s team was the only other bidder, but changed its mind during a court session last week.
John J. O’Neil III, a National Development partner, declined to comment via e-mail.
‘A Complicated Deal’
While MacDowell, his sons and their attorneys celebrated victory outside of the federal courthouse, they acknowledged that there are tremendous obstacles to overcome. Because the land has been designated under Chapter 61A – farmland that is taxed at a reduced rate – Hopkinton has the right of first refusal on the purchase. Town officials and voters have 120 days following the signing of the purchase-and-sale agreement to determine whether they want to buy it.
There’s a groundswell of support for purchasing the land and keeping it as open space or developing just a small potion of the site. Some residents and public officials argue that while expensive, the cost of the land will be equivalent to the price of a new school – one that could be required if the new homes at the Weston Nurseries brings an influx of schoolchildren.
“My hope is that whatever happens at the Weston Nurseries will be the least intrusive use of the property that will benefit the town and protect the nearby neighborhoods,” said Mavis O’Leary, cofounder of Hopkintonians Organized to Preserve and Enhance (HOPE), a town-wide group that was launched two years ago in response to the sale of Weston Nurseries.
Liisa Jackson, another HOPE cofounder and member of the town’s Land Use Planning Committee, said she hopes the town will partner with the Trust for Public Land, the national nonprofit organization dedicated to conserving green space to enjoy as parks, gardens and wooded areas.
In January, TPL reached an agreement to purchase 360 acres in Groton. The agreement gives TPL one year to raise the $19.4 million purchase price from a variety of public and private sources. Last year, TPL led the successful efforts to conserve the 265-acre, $3.2 million Belmont Springs property in Pepperell and the 285-acre, $13.5 million East Boston Camps property in Westford.
“We’re not anti-development,” Jackson said. “We want smart and revenue-neutral development. We just don’t want to flood our school system.”
Under HOPE’s vision, the town would purchase the property with TPL’s help, use 70 percent for open space and build up to 500 units of housing, but few single-family homes, she said.
Arthur Badger Blackett, TPL’s senior project manager, said he has met with town officials about having the town assign its 61A rights to the nonprofit. He said his office is examining the details of the purchase to see if an agreement with town officials can be reached.
“This is a complicated deal with lots of hurdles and I don’t want to raise the town’s expectations of TPL’s involvement,” he said. “But this is a really important point in the life of Hopkinton because of the size of the property, the potential impact on its character. TPL exists to help communities in these kinds of decisions, [to] present them with some control and a conservation alternative.”
If TPL is assigned the rights by a vote of Town Meeting, one scenario is to convert a large portion of the site while finding a town-approved developer whose vision matches the town’s.
Elaine Lazarus, Hopkinton’s planning director, said Town Meeting authorized the hiring of Sasaki Assoc., a Watertown-based land-use planner, to develop a master plan. “We’re holding a number of public forums and in a few months we’ll know what the consensus is for the Weston Nurseries site,” she said. “We’re exploring all options.”
Joseph Markey, a Planning Board member, said residents recognize that whatever happens at Weston Nurseries will impact every resident. “We’re trying to make sure we are a full partner with the property owners,” he said. “We must come together as a town and clearly state our vision. We can’t choose the cards we’re dealt but we can choose how to play them.”
Muriel E. Kramer, who chairs the Board of Selectmen, said while many residents wished the Mezitt brothers would shake hands, resolve their differences and go back to way things used to be, that is unlikely. She also noted that the town’s $54 million budget alone could not support purchasing the property.
“Hopkinton already has substantial debt with new schools, new police and fire stations and a senior center, so there’s that to consider,” she said. “But the cost to buy the land would be about what it would cost to pay for a new elementary school so it must be examined carefully.”
Mark Abate, Planning Board chairman, said there’s enormous interest in the property. Some residents prefer zero development while others want it fully developed, he said. Most people want to generate property taxes at Weston Nurseries with development that would not require building a new elementary school, he added.
“One thing is clear: The town doesn’t favor 1,200 single-family homes on the property,” Abate said. “We want some sort of mixed use with single- and multifamily and affordable housing. We would also need some commercial, office or retail as well.”
MacDowell said he envisions a mixed-use development with a new Weston Nurseries retail store as the anchor. If approved, the farm will continue to operate on a portion of the parcel with a combination of rental units, condominiums, affordable and luxury homes, and townhouses, as well as age-restricted homes that would be built over the next decade.
“We cleared one hurdle in the courtroom; now we have to convince Hopkinton,” he said.
