Hyannis Inn sold for $7.75 million. It's not clear what comes next. Here's what we know.
HYANNIS — The 77-unit Hyannis Inn on Main Street has been sold for $7.75 million.
The buyer, 473 Main St Partners LLC, purchased the commercial property on Feb. 9, 2023. The nearly 2-acre property sits at the intersection of Main Street and High School Road in the heart of downtown.
The Hyannis Inn was built in 1954 and boasts a total of 5,944 square feet of living space in a main building and outbuildings according to Barnstable Assessor records. The property is assessed at $6,060,000.
The new owners have the opportunity to explore a number of options going forward, according to Chuck Carey of Carey Commercial. Carey represented Hyannis Hospitality, the seller in the deal. The property was advertised as being in a Qualified Opportunity Zone. Such a zone is an “economically distressed community where new investments may be eligible for preferential tax treatment,” according to the Internal Revenue Service.
Elizabeth Wurfbain, executive director of the Hyannis Main Street Business Improvement District, said it was great to hear the news, citing the need for investments in housing and hotels downtown.
The managers of 473 Main St Partners LLC are David and Jessica Rosenberg, founders of Sawyer Realty Partners. The Newton-based company bills itself as a multi-disciplinary real estate investment firm with a track record in “acquiring undervalued hotel assets that can be repositioned, converted into housing, or extended stay lodging for work force housing.”
Developers are allowed to build up to four stories in this part of Hyannis
Barnstable’s Downtown Hyannis Zoning District, instituted in March 2023, allows them to go in a number of different directions, according to Carey. The zoning amendments allow developers to build up to a height of four stories with access to sewer and water infrastructure. It allows for certain types of housing by-right as long as developers follow a form-based code.
If a site plan review is approved, developers no longer have to appear before a variety of town boards and commissions for approval.
The zoning amendments were part of the reason Sawyer purchased the property, Carey said.
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“There’s no Cape Cod Commission interference, and with town sewer they don’t have to dedicate money and land to septic,” he said.
The Secretary of Commonwealth records show 473 Main St Partners LLC was organized on Jan. 11, 2023. The certificate of organization was amended on Feb. 6, 2023, to accept Section 8 vouchers. The federal government voucher program helps low income, elderly and people who are disabled with housing costs.
Barnstable County Land Court records show the Feb. 9 sale of the property for $7,250,000. Another $500,000 for furniture, fixtures and equipment was listed in the purchase and sale agreement, Carey said.
Calls to Jessica Rosenberg at Sawyer Realty Partners were not immediately returned.
Denise Coffey writes about business and tourism. Contact her at dcoffey@capecodonline.com. Follow her on Twitter: @DeniseCoffeyCCT.
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This article originally appeared on Cape Cod Times: Could the Hyannis Inn be turned into housing or a hotel? What we know.
