The right of first refusal was tied to an existing 61A real estate tax reduction agreement that the town had entered into with the Allen Family in 1986 to restrict the development on the site to agricultural uses. Meredith & Grew, Inc.'s vice president Robert E. Cronin represented both the buyer, the town of Shrewsbury, and the seller, the Allen Family, in the transaction.
An agreement had been made to sell the property to a national, multi-family development firm that planned to develop a 250-unit, Chapter 40B apartment complex on the site. But Shrewsbury blocked this sale after obtaining almost unanimous support to acquire the property at a special town meeting this past fall. The town purchased the site for $6 million, and is presently forming an Economic Development Commission to oversee the development of the site as an office/research and development/manufacturing campus project.
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