The Carlow Building, on the right, has tenants on its first and second floors. Plans are to renovate six market-rate apartments on the third floor.

ADAMS, Mass. — The languishing Jones Block development is back on track.

The Park Street building and the adjacent Carlow building were purchased on Thursday for $250,000 by real estate developers Peter West and Corey Bishop as Adams Park Street LLC.

"We're going to finish it," vowed West on Friday.

"The Jones Block, that is going to be six luxury apartments, which we've had a few people express interest in already. That is what it was permitted for before.

"The other one, that building on the third floor will have six market-rate apartments."

The three-story red brick Jones Block was vacant for years after a fire in 1996 damaged the first and second floors. It was purchased along with the yellow Carlow Building in 2007 by Gerardo "Gerry" Sanchez, head of a construction and historical renovation company in New York State, with plans to revamp the more than century old building into upscale residential units with storefronts on the first floor.

The project was estimated at $2 million and a timeline for completion was set for early 2009.

Those plans were sidelined by 2008's global economic collapse and the project was only partially completed despite continued prodding by town officials, who had signed off on a million-dollar state grant to restore the Jones Block's facade.

Instead, Sanchez declared bankruptcy and mortgageholder MountainOne Bank took possession of the two properties at a public auction two years. 

"The project was partially completed and our goal is to finish it," West said on Friday.

An upturn in the economy and a need for upper-end residential units makes that vision from nearly a decade ago viable again.

"We own a significant portfolio in Adams already," he said. "It makes sense as a development project. We're not talking about building the Empire State Building, we're talking about six [apartments] in one building and six in another ...

"We're building something that's possible."  

West pointed to the waiting list for apartments in the renovated Howard Block in Pittsfield, and the speed at which other downtown apartments in that city are being snapped up. He and Bishop don't anticipate having trouble filling apartments on Park Street, believing that Adams is an attractive place to live with the plus that it is still only minutes from Pittsfield.

"People are looking for a quality apartment," he said. "And Adams is a beautiful little town. ...

"To make this project work, housing is the key component. That's a significant push in downtown when you're going to have 12 brand-spanking-new residents."

Bishop & West Real Estate is active in the real estate market in Pittsfield and recently opened an office in the state of Florida. But corporate headquarters is in Adams, reflecting both men's interest in the town, where they live, serve on public boards, volunteer and have children in the schools.

Calling it a "labor of love," Bishop said contractors are already in the buildings assessing what has been done, and what will need to be done. First up is fixing the roof on the Carlow Building.

The Jones Block's focal point will be its three-story atrium entrance — the curved glass door was installed years ago — and the development of a "mural alley" gallery to link the parking lot and Ashuwillticook Rail Trail to Park Street.

The developers are working with the Adams Arts Advisory Board on plans for murals and a statuary garden of some type. "They've been so willing to help us," he said.

Bishop West has become involved with the growing arts community, including the sales of the former Masons Hall and McBride Funeral Home to relocating artists.

Some life will soon be in the long-vacant front storefront of the Jones Block as well, said Bishop.

"We're in talks with a couple folks about dressing up the windows, and offering up the space for a couple of merchants," he said, as an interim scenario until the spaces are filled. "We're trying to lure another business from Pittsfield."

The Carlow Building already has commercial tenants.

Bishop could not say at this point when the project might finally be completed.

"We are very excited about this project and completing it," he said. "And we have another part of the puzzle that hasn't closed yet."