it’s been sitting vacant for years but the former site of the melrose theater and bowling alley will finally have new life. the developers for the 220-unit apartment community have finalized their financing and will break ground this week.
the seven acre project will include two new apartment buildings, one 86-unit building attached to the existing structure’s side which will remain intact and a 134-unit building behind the existing structure. the old theater lobby sits as the anchor spot in the development and they hope to land a nice restaurant there as well as repurpose the original 1942 barrel-vaulted theater into a 7,000 square foot multi-use amenity space. the remaining strip will be used for shops ranging in space from 1,200 square feet to 4,800 square feet with the 60-year-old melrose billiards establishment remaining in their place. to see previous information about the project, click here.
also in other news this week up the road, the former home of the beaman lincolon-mercury dealership which sat at the corner of franklin pike and bradford has been sold. the buyer plans to build a four-story $33 million, 266-unit apartment development. amenities will include a salt water pool, fitness center, fire pits, structured parking and a sky lounge. demolition was set to begin monday on the existing building at 2300 franklin pike and should be ready for new residents in the fall of 2013.