Voting on the proposed sale of our 3 Militia Drive office building occurred between Sunday, November 19, 2023 and Sunday, December 3, 2023. Needing a 2/3 majority of a quorum of voting members, the motion passed by a substantial margin. Detailed results below:
In addition to our main building at 59 Worthen Road, Grace Chapel’s Lexington campus includes two additional buildings on nearby Militia Drive. Our 2 Militia Drive building is primarily used for ministry activity and rentals, and 3 Militia Drive consists of office space for both our Central and Lexington-based staff.
In response to recent zoning changes across Massachusetts, towns like Lexington are eager to develop buildings that include more affordable housing units. A group of developers who currently own 4 and 5 Militia Drive have presented a very compelling offer to purchase 3 Militia Drive from us. They are offering a premium price for the property – far more than it would be worth as a standalone building – because it greatly expands the footprint available for their multi-unit housing development.
This makes for a very compelling offer. We believe this is a unique financial opportunity that can provide Grace Chapel with sufficient capital to support a number of timely and strategic projects that will help us better serve our congregation and community. We’re also enthusiastic about the development of a large number of housing units so close to our largest worship venue!
The Elders, with the help of several real estate professionals in our congregation, have done due diligence on this opportunity and unanimously recommend that we go ahead with the sale of our #3 Militia Drive property. The negotiated sale price is $6.9 million dollars with a final move and exit date of February, 2026.
This recommendation isn’t being driven by financial need, but by the desire to be good stewards of the resources entrusted to our care in a changing world, and to shift from maintaining office buildings to maximizing our spaces for ministry.
There is some urgency, as the potential buyer is eager to make their proposal to the Town of Lexington. The actual purchase won’t be finalized until February of 2025, but we need to sign a purchase and sale agreement early in December. The offer is contingent on a timely response from us as a congregation.
On November 16th we held a Special Congregational Meeting via Zoom. You can view the recording below.
