ADAMS -- Park Street's Jones Block and Carlow buildings are once again scheduled for a foreclosure auction, this time on Thursday, Aug. 8.
The auctions come after former owner Samuel Adams Enterprises, LLC -- better known as Polonia Restorations, a New York-based developer who formed Samuel Adams after purchasing the building in 2007 -- had its Chapter 11 bankruptcy claim dismissed last week in federal court.
Polonia's creditor, MountainOne Financial, is owed $1.3 million, according to its Chief Operating Officer Robert Fraser.
The bank moved in for the auction after the court's ruling, Fraser said.
"We have taken possession of the buildings and auctions are scheduled for 1 and 1:30 p.m. [on the 8th]," Fraser said Wednesday.
Prior planned auctions of the buildings on Jan. 24 and another two months later never occurred. Samuel Adams filed for Chapter 11 on Jan. 23, effectively blocking both planned auctions.
Fraser said there's no guarantee the same thing won't happen.
"Anything's possible with the legal system," Fraser said. "But our hope is that we find a buyer who can proceed with the build-out as planned."
The structures, located at 49-51 and 39 to 45 Park St., respectively, underwent $1 million in facade work and, according to Polonia owner Gerry Sanchez, another $1 million in interior work since 2007. Their value is estimated at more than $2 million, according to MountainOne Financial.
The town funded the facade work through a state Community Development Action Grant. Sanchez said he'd in turn invest $2 million into the interior, and leave the building ready to be occupied by businesses and tenants for upstairs apartments.
Efforts to reach Sanchez for comment were unsuccessful, but according to the court, Samuel Adams will appeal its decision.
Daniel McLaughlin Auctioneers of Boston will run the auctions on site, Fraser said. They set the opening bid price. The bank has a figure they'd like to recoup in mind, Fraser said, but "we would never disclose any of our strategies prior to the auction."