The Paramount Theater and Massasoit House Hotel block in Springfield has sold for $750,000 to Sachdev Real Estate Development Inc., a Connecticut corporation based in Suffield. The previous owners were the New England Farm Workers’ Council (NEFWC), an organization that misused over $1 million dollars in real estate funds. The theater sold for auction in late September 2024.
Xiomara DeLobato is the vice president and chief of staff for the Economic Development Council of Western Massachusetts. She noted that incoming developments will create positive outcomes for the community. This includes things such as travelers, an increase in customers to restaurants and local business and positive community engagement, she said.
The former theater and hotel are located in the city’s downtown sector and are an surrounded by several existing restaurants, stores and apartments buildings.
“Many new owners especially who have come to the city to redevelop spaces, have been really mindful and really thoughtful on any type of negative impact,” DeLobato said. “So, I’m going to have to believe that these new owners will be really thoughtful and considerate of what those implications could be to… the businesses that are currently there.”
The theater was built in 1926, but the hotel had already been established prior when it first opened in 1843. It is located at 1676-1708 Main Street.
“The new owners have said they really want to preserve the history behind the Paramount Theater and the hotel. And I think that all of that is wonderful for our city,” DeLobato said.
The development company did not respond to a request for comment.
Tim Sheehan, the chief development officer for Springfield, said the city has not spoken with the developer yet.
“It is our intent to give them a chance to actually pull an informed concept plan for the redevelopment of the building together which takes time,” he said. “What they have made public with regards to their general development concept… I understand to be mixed use, incorporating both residential and commercial uses.”
DeLobato also said the idea of both residential and commercial uses for the space is a good one.
“When you have folks that are actively engaged in the region or in the space, or in the neighborhood, they’re living here, they’re eating at the restaurants, they’re going to the local grocery stores, all of that funnels a lot of positive activity,” she said.
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