Inner Harbor Hospitality Investment/Redevelopment

Known as "Tavern on the Harbor", the parcel at 30 Western Ave, Gloucester, MA 01930, offers a prime waterfront location with significant redevelopment potential. The property encompasses 1.58 acres, including over 20,000 square feet of existing building space currently leased as office and event facilities. It benefits from a Neighborhood Business (NB) zoning designation, allowing for a mix of residential and commercial uses with special permits. 

PROPERTY TAXES:

Parcel Number: GLOU-000002-000024

Improvements Assessment: $1,525,900

Land Assessment: $1,134,000

Total Assessment: $2,659,900

Terms:

• $50,000 EMD Deposit
• $250,000 P & S Deposit
• 90-Day Close

Showing/Access:

Easy to show. Will require proof of funds to set up walkthrough showing.

Key Redevelopment Opportunities

1. Mixed-Use Residential Development

Given the property's zoning and location, a mixed-use development combining residential units with commercial spaces could be highly profitable. The recent zoning amendments in Gloucester have introduced a Multi-Family Overlay District, facilitating as-of-right multi-family housing in designated areas. While 30 Western Ave is not within these specific subdistricts, its proximity to the West Gloucester Station and downtown suggests potential for similar considerations. 

2. Boutique Hotel or Waterfront Hospitality Venue

The property's waterfront access and location near downtown Gloucester position it well for a boutique hotel or hospitality venue. This could cater to tourists visiting the revitalized downtown area and nearby attractions like Stage Fort Park and Pavilion Beach. Additionally, the existing structure's layout may be adaptable for such a use, potentially reducing redevelopment costs.

3. Event Venue or Cultural Center

Leveraging the property's history as a tavern and event facility, it could be repurposed into a cultural center or event venue. This would capitalize on the existing infrastructure and appeal to both local and regional markets seeking unique event spaces.​

4. Retail or Commercial Space

Given the property's zoning, converting it into retail or commercial spaces could serve the local community and attract visitors. The proximity to downtown Gloucester enhances its appeal for such uses.