Clean soil, solid foundation boosts Northern Breweries condo project

"This is where the Big Bad Wolf would meet his match," Oldenburg quipped Wednesday, at a media event to update everyone on the project. "I couldn't be more happy about where we are in terms of progress."

Because the building was designed for an industrial use, he said the foundation was super reinforced to ensure it could handle the weight of massive containers and equipment needed for beer production.

Bob Cecchetto, owner of Tribury Construction whose firm did the testing of the foundation, said it far exceeds requirements for residential buildings.

"The structure was built for something more than a residential building,” Cecchetto said. “It was designed for huge loads."

Soil and water tests were also good, Oldenburg said, meaning the value of the building has increased substantially since he bought it for $850,000 last year.

"That's due in large part to what we discovered below the ground," he said. "The foundation is in excellent condition."

He's planning on redeveloping the site to create a 50-unit condominiums, 14,000 square feet of commercial space, and some extensive outdoor landscaping along Alder Street.

The building has largely been unused since Northern Breweries closed in 2004, despite efforts in 2005-2006 to save the business. The exterior has deteriorated considerably since then, and while it was sold in 2010, the buyer was unable to find a way to make it viable.

But with environmental and structural concerns dealt with, Oldenburg said he's been contacted by more than two dozen financiers willing to put up the roughly $12 million needed for construction.

"There's an equation they look at, how all the math comes together," he said.

Before that happens, he needs to pre-sell enough of the units to ensure the project is viable. As of Wednesday, he said 13 of the 50 units have been spoken for, a number he expected to rise to 25 by the end of the week, following open houses he's holding this week for potential buyers.

Over this summer and fall, he'll be working with the city on rezoning and other planning and building matters, with an eye on beginning construction in March 2016.

Ward 1 Coun. Mark Signoretti described Oldenburg as a “visionary” whose efforts will help transform an eyesore into an architectural attractions.

"I look at what he's trying to do as an inspiration for our community, to show that he's giving back to Sudbury," Signoretti said. "To see where it was (last fall) to where it is today, it really has evolved. The potential of what he's putting together is remarkable."

"I have a lot of faith that this is going to be successful. It will be a benchmark for other developers and people in the community."

More details about Oldenburg's plans, including information about the this week's open houses, is available at www.thebrewerlofts.com.