After five decades of owning five prominent commercial properties leasing to over 40 businesses in Newton Centre, the Zussman family has decided to sell them all, preferably to a single buyer. The properties, known collectively as Piccadilly Square, line much of Union Street and extend to Centre Street, Beacon Street, and Langley Road.
The five properties for sale, and the retail businesses they currently host, are:
- 1280 Centre Street: Derby Farm Flowers & Gardens (with Fulfilled Goods), Fulcrum Global Investors, Sofia Nails & Spa, Berkshire Hathaway, Christine’s Day Spa & Electrolysis, Something Sweet, Bella Lash Nails & Spa, Rosenfeld’s Bagels
- 93-105 Union Street (actually contains 75-83, 85-105, and 107R Union Street): Cafe Sol Azteca, Engel & Völkers, Carla Shaw Sustainable Fashion, House of Tandoor, BMBI Fitness, L Hair Boutique, 11:11 Health Bar, Tess, Figurella, Sarian Designs, The Men’s Den, Dr. Renée Moran Medical Aesthetics, Club Pilates, ET Fashion, Union Pharmacy, Thistle & Leek
- 49-63 Union Street: Dear Duchess, Talori Jewelers, Blackbird Doughnuts, Karma, Betsy Jenney, Folklorica, Piccadilly Market, Cafe St. Petersburg
- 47-61 Langley Road: Sweet Tomatoes, Pho Viets II, The Finer Consigner, Lash L’Amour, Baramor
- 790-794 Beacon Street: SALT Patisserie, Bubble Children’s Dentistry & Orthodontics, The Great Escape Room
Jodie Zussman, President and CEO of Boston Development Group, the group of affiliated companies owning the properties, told Fig City News that the organization prefers to sell all five properties to one buyer, and she expects to conclude the five sales this year. While a sale could occur more quickly, the timeline will likely extend within the year to accommodate a tax-deferred 1031 exchange through which the seller has 45 days to find broadly “like-kind” replacement properties to buy with the original sale proceeds, followed by 180 days to close on those replacement properties, to defer taxes on the sale. Zussman highlighted the properties as a group that is “a real legacy property, a whole city block, next to mass transit.”
Jeremy Fried of 128CRE, the real estate agent for the properties, expects to issue marketing materials and an offering memorandum by June 10. When asked about the estimated total market value of the properties, he mentioned a “pricing guideline in the $40 million range.” He referred to the redevelopment potential of adding levels to the one-story buildings and noted that Newton has strict guidelines, recently revised, for what changes can be made. Fried spoke of Newton’s interest in conservation and historic preservation, and he said, “Our firm takes great pride in selling properties that have such a huge, positive impact on the community. It’s very meaningful for us to participate in this.”
Economic impact
Several shop-owner tenants of the properties speaking with Fig City News expressed admiration for both the current owner and the community of shop owners with whom they cooperate. They also expressed a mixture of optimism and hope for how the property sales will affect their businesses. There appear to be only two vacancies among the street-level sites: the former Union Street Restaurant and Salon 55, which recently moved nearby.
Binka Shishmanova of 11:11 Health Bar said, “It’s such a great community of shop owners. Everyone is friendly and upbeat. I’m optimistic that things will work out.”
Betsy Jenney, owner of the shop by that name, said that she has recently renewed her two-year lease and has been assured by the landlord that “everything will stay in place” for at least the term of that lease.
Carla Wahnon of Carla Shaw Sustainable Design said, “I’ve been here for a year and a half under the current owners, Boston Development Group. They are a wonderful landlord; everything’s running properly. I feel optimistic that a new group is going to take care of us, as well. I just renewed my lease. I hope they keep the street as it is, a lively area of Newton Centre. I’m so happy to be a part of this block, and I hope this momentum continues, because there are a couple of new businesses here, and I am no longer the newcomer.” She hopes a new owner will make “even more improvements, with new management, new eyes, new mindset.” She looks forward to a new restaurant opening in the MBTA station across the street, as she expects it will draw customers to the street.
Greg Reibman, president of the Charles River Regional Chamber, said, “The Zussman family has been a wonderful steward of this part of Newton Centre for five decades. The businesses and offices there are a big part of why we love this village. The wide variety of restaurants across these properties – from Thistle & Leek to Sweet Tomatoes, along with Mexican, Russian, Vietnamese, bagels, bakeries, and burgers – isn’t accidental. It takes thoughtful curation by thoughtful ownership.”
Regarding the future, Reibman said, “No one knows what a new owner would do, if anything, or when. But most spaces across these properties are fully leased. I’d expect any changes to come slowly, if at all. Two of the five buildings are single-story, and neither is particularly distinguished, so a new owner might look to redevelop those and hopefully would consider housing above shops. The rest might remain as they are for generations.”
The City’s Economic Development Director, Lauren Berman, told Fig City News, “Piccadilly Square has helped shape Newton Centre into a vibrant mixed-use district with shops, offices and destination dining. We are excited about the future, and the opportunity for new investment that will build on the square’s strong legacy, and attract new businesses and energy to that part of Newton Centre.”
Potential development
The City’s Interim Planning Director, Katie Whewell, notes that the five properties fall generally within Village Center Overlay District (VCOD) 3 zoning, which permits buildings of 4.5 stories by right (and up to 5.5 stories with the VCOD’s robust affordable housing bonus). She said the streets around these five properties are classified as Mixed Use Priority Streets, and this provides incentives for “active uses,” such as restaurant and retail, by right while restricting “passive uses,” such as banks, at the ground level.
Currently two of the properties (790-794 Beacon Street and 49-63 Union Street) are single-story. One property (1280 Centre Street) has two stories, 93-105 Union Street has a mix of two and two-and-a-half stories, and 47-61 Langley Road has three stories.
History
Most of these five properties have played an important part in the commercial development of Newton Centre. After the Newton Centre train station was built in 1890, Mellen Bray built what became known as the Bray Block (now the buildings of 75-105 Union Street) as a destination for visitors, a retail center, and a community hall. Its exterior has retained fine architectural features and changed little over the years. While it forms a major part of the National Register of Historic Places Union Street Historic District, this designation sets no enforceable restrictions on zoning or development.
The Georgian Revival-style building at 1280 Centre Street was originally constructed in 1922 to be the clubhouse of the Newton Centre Women’s Club. After membership declined, it was converted to commercial use and retains key architectural features.
In the 1970s, David Zussman acquired and restored these buildings. He and his wife named the group Piccadilly Square after their trip to London. The properties have remained in the family ever since, and their daughter Jodie now leads the organization.
On Sunday, June 14, local history buff Tori Zissman will lead a tour, Mellen Bray and the Union Street Historic District, sponsored by Historic Newton.