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The 72.5-acre Norwood Arena property on Route 1 was sold at public auction yesterday for $395,751 to developer James H. Shane. Mr. Shane, who put down the required $50,000 deposit, clarified that he made the acquisition personally rather than on behalf of Faded Glory, the blue jeans manufacturing firm located at 537 University Ave. where he serves as chairman of the board. Describing the acquisition as a long-term investment and “speculation,” Mr. Shane noted that he currently has no immediate, specific development plans for the sprawling site.
The public auction was initiated by Baybank Norfolk County Trust Company, holder of the property’s mortgage, following a breach of mortgage conditions after a previous delay from July 27. More than 35 spectators gathered for the proceedings, though active bidding came down to a contest between Mr. Shane and Albert A. Scott Jr., vice president of Baybank Norfolk County Trust Co., who was the sole competing bidder. After Mr. Shane opened with a $250,000 bid, Mr. Scott countered with $395,749.92—representing the exact balance owed to the bank. Mr. Shane immediately capped the auction with a final bid of $395,751 to secure the title.
Among the observers attending the auction was Alan Zuker, treasurer of Norwood Arena, Inc., who reflected on the property’s turbulent commercial history, remarking, “We wanted to build apartments here and we couldn’t,” alluding to a prior town meeting vote that overwhelmingly refused to rezone the land for 400 to 500 one-bedroom residential units. Another spectator was David Aransky of Certified Corp. of Plainville, owner of adjacent property situated directly behind the arena grounds. Under the terms of the sale, the remaining purchase balance must be paid in full to Baybank Norfolk County Trust Co. by September 9, and the transaction remains subject to outstanding local property taxes totaling $28,059.
Archival Note: This article has been dynamically reconstructed from the original public record print archives of the Patriot Ledger
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