The former site of the Wellesley Motor Inn, a 2.3-acre property on Route 9 assessed at $7.3 million, is scheduled for foreclosure auction on July 16, according to the auction house.
The property, located at 978-980 Worcester Street, is currently owned by Wellesley Realty Associates, LLC, according to the town’s assessing department database. It is scheduled to be auctioned off on-site by JJ Manning Auctioneers. The auction was first reported by the Boston Business Journal.
The property is being foreclosed due to nonpayment of the mortgage, according to the auction house. The July 16 auction is scheduled for 1 p.m.
The 2.3 acre site is the former home of the Wellesley Motor Inn, which was built in the early 1960s and demolished a few years ago to make way for the two-story retail and office building that currently sits on the property, according to Wellesley’s Planning Director Meghan Jop.
Jop said that Wellesley Realty Associates is also permitted to build 36 housing units behind the commercial site. Of those units, nine would have to be affordable inclusionary units.
The commercial building currently houses a Dunkin’ Donuts, said Jop. A restaurant and deli are permitted, she said.
Jop said that this is not the first foreclosure auction that has been scheduled for the property. At least one time about seven years ago, she said, an auction was scheduled but never held.
Representatives for Wellesley Realty Associates could not immediately be reached for comment.
The auction could be cancelled or postponed up until the last minute, said Justin Manning, president of JJ Manning Auctioneers, if the borrower were to refinance, sell the property with the bank’s blessing, bring the loan current or file for bankruptcy.
The area of Route 9 is one that Wellesley has been trying to improve, said Jop. In recent years, she said, the town has seen reinvestment in the area, including a CVS proposed for 990 Worcester St.
In June, the town voted to purchase land at 900 Worcester Street, currently the site of St. James the Great Church, to build a recreation center with a swimming pool, a skating rink and a playing field.
Evan Allen can be reached at firstname.lastname@example.org