Here’s a business story that pulls together news on Town government, economics, a resident, and even our school system.
Last week, a Kansas based investment adviser announced the acquisition of Southborough based Ferris Capital. The announcement by Creative Planning touted Ferris’ $755 million in AUM (Assets Under Management). The announcement described:
David M. Ferris, CEO and CIO of Ferris Capital, created a wealth management firm that was as driven, fast-paced, and determined as he was to provide a top-of-the-line experience to his clients. The 10-year-old firm now has a team that is adept at managing generational wealth, succession planning, investment management, real estate, retirement planning, private equity, and much more.
You can read more about that here.
One week before the announcement, Ferris made a very different announcement – inviting families with kids to come over to 118-120 Turnpike Rd to catch large trout they just stocked their ponds with. (Check out those details here.)
It’s worth highlighting that Ferris is a resident who grew up in Southborough and graduated from Algonquin.* Scroll down for more detail on that upbringing, which makes a great case for the Town’s investment in our school system and our special needs programs.
But first. . . Ferris Capital isn’t the only Southborough based business he founded. He also runs Ferris Development. The commercial real estate firm recently made news this spring for an investment it made in town.
Ferris Development bought 250 Turnpike Road, the 9.83 acre site of the former Honeywell/Kaz building. Town officials have been eager to see the vacant Route 9 property put to good use since Kaz relocated to Marlborough in 2014.
Ferris bought the parcel for $3.7M in March. According to the Worcester Business Journal, that’s $2.3M less than the former owners purchased it for in 2007.
At their May 9th meeting, the Planning Board approved the developer’s application to split the parcel. It met the criteria for an “Approval Not Required” project, which doesn’t require a hearing.(See image right. Or for more details, see the meeting packet here.)
For the 4.294 acres on Route 9 West, the developer will be bringing a project back to the Planning Board for Major Site Plan Review. He tells me that project is for a self storage facility.
The other 5.536 acres are zoned for residential use, with frontage on the south section of Parkerville Road. Ferris plans to use it to develop a 65-70 apartment 40B project. He tells me that they are excited to work with Town officials who have been proactive and responsive.
At the Planning meeting, member Marnie Hoolahan noted the stonewall on the Parkerville Road side of the residential parcel. She told the developer’s representative that if they want to move it, that would require a Planning Board hearing. He responded that their survey found a 30 foot gap in the wall. They may be able to make use of without moving anything.
Planning members also referenced the need to be careful of the wetlands on the property. Ferris has already filed with the Conservation Commission to confirm those boundaries. The first two scheduled public hearings were continued to a future date at the developer’s request. At their June 2nd meeting, Conservation Agent Melissa Danza updated that the developer was waiting on revised plans based on a recent field visit with a consultant.
As for Ferris’ background growing up in town, he shared:*
My family moved to Parkerville Rd about 50 years ago and I went to Public schools Neary, Woodward and Algonquin. I had a severe learning disability and was blessed that Marcia Bachmann at Neary diagnosed me in 3rd grade (which I repeated) with Dyslexia. The extra special Ed support of Southboro schools growing up and a mom Maureen Ferris talking me to countless special Ed meetings made all the difference in my life and career and allowed me to go onto Boston College and Loyola Law School.
The irony about the 250 turnpike project is that when I was at Neary School my parents would take me to Andrea restaurant at the end of Parkerville Rd (across the st from 250 Turnpike) if I got a A (which was usually only gym class) they would let me get a lobster dinner.
We have remained residents since I grew up in Southboro and it’s amazing community of people.
*Ferris was a classmate, which is why I remembered he grew up here. I asked him to clarify how long his family had been in town, and he volunteered the great details above.