Marini blamed the delay on his inability to obtain construction financing.  He also cited difficulties he has encountered in selling the residential condominium units he has built on spec as part of the 2nd phase of the development.

Marini explained to the Board that after over 2 months of marketing, he has had no takers on any of the  27 condo units he currently has for sale in the new elevatored building he recently completed in downtown Franklin as part of phase 2.  Prices for the one and two bedroom units range from $249,900 to $369,900.  The location is excellent, providing easy pedestrian access to commuter rail service to Boston.

Instead of proceeding immediately with the 3rd phase of Franklin Center Commons, Marini said he would rent commercial space in the preexisting building at the site for the next three years, after first investing $100,000 in renovations to the structure. 

Mr. Marini expressed confidence in his ability to eventually undertake the 3rd phase of the Franklin Center Commons project once the current recession ends.

Click here to see the full article on the Franklin Center Commons announcement as published by the Milford Daily News.

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This construction is transforming the Franklin, MA’s town center.  Mr. Marini is building a multi-phased, mix-use development of condominiums and retail space in the heart of Franklin’s downtown. 

These developments are projected to bring new foot traffic to the town center and add up to $100,000 per year of new tax revenues to the town.

Dean College leased the entire residential portion of the 2nd phase of the development for use as dorms.  The 20 condo units comprise the upper two floors of the new building (with retail space on 1st floor).  75 students live in the premises.

Another phase involves more  condos being built across the street.

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