Old Worcester courthouse.JPG

The city of Worcester has found a buyer for the old courthouse on the corner of Main and Highland streets.

(Lindsay Corcoran, MassLive.com)

WORCESTER - The city has agreed to sell the former Worcester County Courthouse for $1.2 million to a New Hampshire-based developer, the city announced Thursday.

The developer, Brady Sullivan Properties, plans to create market rate apartments and retail space at the now unused property. Brady Sullivan Properties will reportedly create about 115 market rate residential apartments with 3,000 square-feet of retail space. The entire building will be preserved during the renovations.

In a news release, the city said the company indicated no plans to seek public funding for the project. The project will be funded through private investment money, but there could also be funding through tax credit incentives.

The project still needs to be approved by the City Council. The item is on the March 24 agenda. The city and the state will split the net proceeds of the sale.

"This is a huge win for the city of Worcester," said City Manager Edward Augustus Jr. said in a statement. "I'm pleased we were able to preserve this beautiful historic building and put it on our tax rolls so quickly. The redevelopment of this iconic landmark will pave the way for even more development in North Main Street."

The former courthouse, which sits not far from the new courthouse building, is on the National Register of Historic Places. It has about 250,000 square feet and rests on 4.28 acres of land at Main and Highland streets.

"This is a huge step forward for the revitalization of Lincoln Square and the North Main Street area," said the city's Chief Development Officer Michael E. Traynor. "With this project, we will continue to build on the momentum of the highly successful Voke Lofts Apartments, adding even more vibrancy and life to the area."

The city took over the former courthouse, located at 2 Main St., from the state in August for the price of a dollar. The state couldn't find a buyer for the property even though it had searched for more than five years.

Shane Brady, the principal of Brady Sullivan, expressed excitement in the prospective project.

"It is a beautiful, well-built structure that Brady Sullivan is committed to preserving as an historic landmark," Brady said. "We are also happy to have the opportunity to create jobs during the course of the project and to create beautiful apartments for in-town living. We expect that the courthouse will contain some of our most impressive living spaces."

As part of the city's purchase of the building, the state agreed to provide $3 million in the form of a grant for environmental remediation and demolition work. The buyer however does not want any of the building demolished. The city will undergo the planned environmental remediation work.

Several steps need to be followed including a redevelopment plan being submitted to the Massachusetts Historical Commission, Preservation Worcester and the Worcester Historical Commission.

"The city's agreement with Brady Sullivan also requires a plan for the preservation and conservancy of the General Charles Devens Civil War Memorial/Equestrian statue," the news release said.

Once Brady Sullivan owns the property, the construction time is estimated to be between 12 to 14 months. The company has agreed to try to hire half of the labor force locally.