Posted by Jeremy Shulkin
The Telegram‘s article has been fleshed out from this morning, and more details are clear about Mass. College of Pharmacy’s purchase of the failed hotel. The purchase went for $16.8 million, and comes with around $2 million in improvements/additions to the building, and the school’s president, Charles Monahan, says the school has agreed to pay the building’s full tax assessment ($420,800) for the first year, followed by 20% of that in following years.
It looks like students will move in there this summer. The real winner in all of this? There will be hundreds of college students living and studying right across the street from the Armsby Abbey.