Real estate company

Thorndike Exchange sold to Delaware real estate company

LOWELL – The Sal Lupoli slice of mixed-use real estate on Thorndike Street is now under new ownership.

Middlesex North Register of Deeds Richard Howe Jr. said the luxury apartment building was sold by 165 Thorndike Street Corp., owned by Lupoli Companies, to AG Palmdale Real Owners LLC for $33.3 million. The deed was registered on March 10.

Howe said AG Palmdale Real Owners LLC is based in Delaware but conducts most of its operations in Irvine, Calif.

When Lupoli first acquired the property, Howe said no deed was registered. Instead of buying the real estate, Lupoli purchased the majority of shares from its then-owner Rek Realty Corp. in 2013. The company became 145 Thorndike Street Corp. in January 2014 and later changed its name to 165 Thorndike Street Corp. in August 2016. .

To make the project a reality, the city received $2.1 million in state grants to widen Thorndike Street to accommodate turning lanes. The Lowell Regional Transit Authority has secured $2.5 million in state grants to build a 140-foot enclosed walkway connecting the Thorndike Exchange to the Gallagher Transit Terminal and 100 leased parking spaces in the Lowell’s parking garage LRTA.

Several attempts to contact Lupoli failed.

Although Lupoli has divested himself of the Thorndike Exchange property, he continues his property development work in Lowell. In the March 8 City Council package, a memo from Deputy City Manager and Director of Planning and Development Christine McCall shows Lupoli businesses will continue to play an important role in the development of the Lupoli district. Hamilton Canal innovation.

On September 1, 2020, a land transfer agreement was signed with Lupoli Companies to develop five plots in the Hamilton Canal Innovation District. Under the agreement, Lupoli Companies will construct a 500-space parking lot on Plot 1.

There will also be a multi-level mixed-use building with commercial, retail and restaurant spaces on plot 5 with 50 parking spaces. Additionally, there will be a 12-14 storey building with covered parking on plots 2, 3 and 4.

As part of the agreement, Lupoli Companies must invest a minimum of $30 million within six years or less of the execution of the agreement.

“The City of Lowell successfully applied for and received a $1 million MassWorks grant to support development of the parking garage on Parcel 1. Staff (Department of Planning and Development) scheduled an internal coordination meeting with appropriate city personnel to review construction and traffic management plans,” the memo reads.

The memo also states that the project has a foundation permit from the Development Services Division and that construction on Plot 1 is expected to begin later this spring.

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