EagleTribune.com, North Andover, MA

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March 26, 2014

Proposed Danville retail site being sold

Prospective owner of Danville land not disclosed

DANVILLE — A 49-acre site, once the proposed location of a $100 million shopping plaza and retirement community, is expected to have a new owner soon.

That means plans for another development would be presented to town officials in the near future if the sale to the new owner closes by late April as expected, according to Hugo Overdeput of Colliers International real estate group.

Colliers International has been marketing the property on behalf of People’s United Bank, which foreclosed on the site nearly two years ago after Ozzir Properties’ plans for a major retail and residential complex fell through.

The property — made up of 37.7- and 11.4-acre parcels — was placed on the auction block in May and sold back to the bank for $560,000.

Overdeput said the land along Route 111 was put back on the market four months ago and there were five interested buyers, with most expressing interest in establishing commercial development.

Colliers advertised the property for $950,000 — or $19,348 per acre for the site, which is mostly wooded and sits on a hill overlooking the highway. Ozzir paid $1.4 million for the land in 2005, according to former owner Vincent Rizzo of Plaistow.

The two properties are assessed at $216,900.

Overdeput said he could not disclose the prospective owner or the sale price before the closing. He also said he could not reveal the type of development planned. Signs advertising the property as “available” still stood along the highway yesterday.

He did say the project would be much different than what Ozzir Properties proposed.

“All I can say is it’s going to be a different type of development,” Overdeput said.

Ozzir proposed a large retail complex that Rizzo said would attract at least a dozen businesses and create more than 550 jobs. It was a proposal town officials hoped would provide an economic boost to the community.

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