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Pa squanna Developers Inc
From the early beginnings of the business, DeIulis Brothers engaged in real estate development, focusing primarily on site development and new single-family home construction. When the focus of the Company shifted to commercial construction, larger and more diverse development projects became possible.
For this reason, in 1976 the brothers formed Pasquanna Developers, naming the company after their parents Pasquale and Anna. Shortly thereafter they undertook their first rehabilitation project, converting a former neighborhood school into apartments. The building was originally built in the 1890’s and had been abandoned for over a decade. Pasquanna successfully acquired the property from the City of Lynn, rehabilitated the existing structure and added two three story wings on either side to create 12 units of market housing.
Immediately following this project, Pasquanna undertook a complex and risky rehabilitation project in downtown Salem, Massachusetts when it was designated by the Salem Redevelopment Authority (SRA) to redevelop the 1805 Custom House on the corner of Essex and Central Streets. The property had been vacant for some years and the SRA had solicited bids from private developers to purchase and redevelop it.
At the time, the downtown was going through a period of urban renewal and a large section of Essex Street had been closed to vehicular traffic. DeIulis Brothers was in the process of reconstructing this section of Essex Street, stretching from Liberty Street (at the Peabody Museum) to Washington Street, which would transform this section of the downtown into a pedestrian mall, lined with trees and paved with brick and cobblestone.
Pasquanna’s winning bid proposal called for restoring the original brick exterior of the building, which over the years had been covered up and fallen into disrepair, renovating the street level spaces and returning them to commercial use, and converting the upper floors into 13 apartments. The idea of bringing housing into the downtown was untested and highly risky. Nevertheless, Pasquanna was successful in securing financing through a Federal loan program administered by HUD and successfully completed the project, with DeIulis Brothers performing the construction. After successfully operating the property for more than 17 years, it was eventually sold in 1994.
Pasquanna followed its success with the 1805 Custom House by submitting a successful bid to the SRA to purchase an adjacent parcel on Central Street. On this site Pasquanna developed the Central Plaza Condominium, a 50 unit mixed use condominium project built by DeIulis Brothers and completed in 1980. This was the first condominium project approved and built in the Salem Urban Renewal District, adding 34 units of housing to the downtown. The success of both of these projects ultimately led to the construction of other housing projects in the downtown.
After completing Central Plaza, Pasquanna undertook another first of its kind project in Salem when it submitted a winning bid to construct turnkey housing for the Salem Housing Authority (SHA). The project involved converting portions of two privately owned buildings into condominiums, purchasing the converted portions, developing and financing the construction of public housing and selling the end product to the SHA for a pre-determined price. DeIulis Brothers was the general contractor for this project, which was completed in 1983.
Shortly thereafter, Pasquanna acquired a vacant parcel on Lewis Street (Route 1A) in Lynn, Massachusetts, which it subdivided and on one parcel developed The Lewis House Condominium (40 residential units) and on the other constructed a retail building which it currently leases to Brooks Pharmacy. DeIulis Brothers was the general contractor for this project, which was completed in 1985.
Following this project, Pasquanna ventured back to Salem where it participated in the acquisition and development of several downtown properties, including the historic restoration of the Prince and Frye Buildings on Essex Street, which were transformed into a first class professional office building, and the development and construction of Walgreen’s on New Derby Street.
Central Plaza Associates Inc
Central Plaza was formed in 1981 to act as the managing agent for the Central Plaza Condominium project. Thereafter, it took over the management and leasing of all the projects that were either developed or acquired by DeIulis affiliates. Central Plaza also engaged in real estate development, co-developing the Prince Professional Center, the Church Court Condo on Washington Street in Salem, and the Wilson Pond subdivision in Rowley.
DeIulis Properties LLC
DeIulis Properties was organized in 1996, shortly after Massachusetts enacted legislation permitting the formation of limited liability companies, to consolidate the ownership of several properties that were held under different forms of ownership. DeIulis Properties is actively seeking development opportunities and is in the preliminary stages of planning a mixed-use multi-family housing development in downtown Salem.
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