Lupoli Companies Acquires Remainder of Historic Mill
LAWRENCE -- More than 100 years ago, William Wood built a mill complex that would become the largest in the world, and home for his American Woolen Company.
Now all 3 million square feet of the historic complex -- among other things, it's the site of the 1912 Bread and Roses textile strike -- belongs to the Lupoli Companies, a conglomerate run by Chelmsford native Sal Lupoli that includes real-estate holdings, restaurants and the Sal's Pizza chain.
Lupoli Companies announced last week that it had purchased the Monarch Lofts, a 203-unit apartment complex and the only piece of the mill project it didn't already own.
The price was $38 million. The seller, Bob Ansin, developed the Wood Mill property as Lupoli was developing Riverwalk.
"This is one of the larger deals in the Merrimack Valley," said Lupoli in a phone interview on Friday. "We are very excited about this because it unites the entire campus."
The 70,000-square-foot Monarch Lofts includes eco-friendly loft apartments along the banks of the Merrimack River. The building's amenities include a roof deck with sweeping views and interiors that offer soaring timber ceilings and 12-foot tall windows. It was designed with renewable resources and energy-efficient features.
Lupoli said the units are 91 percent occupied, with a waiting list stretching to 60 days.
"Demand is strong," he said.
By Dan O'Brien • March 15, 2015 • The Lowell Sun