High-tech book and magazine publishing firm Horizon House-Microwave Inc. has lost its option to purchase the former Stop & Shop supermarket property in Norwood Center after failing to secure a critical $3.8 million financing package through state loan programs.
Loan Delays and Financing Obstacles
Thomas Kraut, director of administration for Horizon House, stated that the firm was unable to finalize the $3.8 million in state loans—made possible through the Massachusetts Industrial Financing Agency—in time to meet the purchase deadline last week.
“The option has expired, but we still very much want to secure the loans and buy the property,” Kraut said. “We’re looking for a lending source, a bank or an insurance company to help us.”
Horizon House, owned by Norwood resident William Bazzy, publishes high-tech trade magazines including Telecommunications, The Microwave Journal, and The Journal of Electronic Defense, alongside book titles released through its subsidiary, Artech House. The firm had planned to consolidate three Dedham office locations and warehouse space on Pleasant Street into the renovated and expanded Norwood Center building by the beginning of next year.
Impact on Norwood Center Revitalization and Alternative Buyers
Local economic development officials expressed disappointment over the setback. Peggy Griffin, manager of the Main Street Program established to boost downtown commerce, noted that the publishing firm’s relocation was anticipated as a major economic boost for the town center. The former supermarket site holds a strategic location near the old Norwood Armory (now converted into the civic center) and adjacent to Carla’s restaurant (situated in the former town firehouse).
Brian Welker, manager of corporate properties for Stop & Shop, confirmed that the company was disappointed Horizon missed the deadline, noting that out of five initial prospective buyers, Horizon had been viewed as the ideal choice. However, Welker stated that at least two other interested buyers remain in contention, though he declined to name them. He added that Horizon could still acquire the property if alternative financing is secured quickly.
Furthermore, Welker dismissed rumors published in The Norwood Times alleging that environmental contamination derailed the deal. Soil and groundwater tests conducted by an engineering firm over the summer at the former tannery site revealed only trace amounts of leather-tanning chemicals that fell well below state and federal regulatory thresholds, confirming the property was clear of hazardous waste problems.
Archival Note: This article has been dynamically reconstructed from the original public record print archives of the Patriot Ledger
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