GloucesterTimes.com, Gloucester, MA

Business

October 4, 2012

New owner, same plans for Tool Co. property

ROCKPORT — The old Cape Ann Tool Company property on Granite Street has been purchased by a company with the same manager as the company that owns the Yankee Clipper Inn.

Cape Ann Tool LLC, managed by Michael J. Rauseo, bought the building and property, situated on the waterfront, for $1.5 million from Old Colony Maritime LLC last Thursday, according to the state Registry of Deeds. In January the property, up for sale since 2011, was listed at $2.95 million, according to a report by Rockport’s Tool Company Task Force.

Rauseo, a summer Rockport resident for half a century, said Wednesday the prior owner’s plans to build housing units on the property will move forward under his ownership.

“We’ve got a schedule and probably in the next 60 days or so we’ll set up a meeting with the neighbors and let them know what’s going on before we do anything,” Rauseo said. “It’s permitted for a new development of townhouses, and that’s what we plan on going forward with.”

The six permits Old Colony Maritime LLC held are all transferable to the new owner. The permits, state and local, which were granted a 2-year extension under state legislation in August, allow 25 residential units, a commercial space, public parking and a waterfront area on the property.

The first permit to expire will become invalid in November 2014, according to selectmen. Similar legislation, passed in 2010, had also extended permits by two years.

Rauseo’s company, Cape Ann Tool LLC, formed the day before purchasing the Granite Street property, is not the same company as the original property owner, Cape Ann Tool Co., which dissolved in 1987, according to state filings.

Rauseo, listed as manager, real property owner and signatory for Cape Ann Tool LLC’s filings, is also the manager and signatory for Yankee Clipper LLC, the company that owns the Yankee Clipper Inn on Granite Street.

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