Based in Plymouth, Massachusetts, MEGRYCO Inc. has served the real estate needs of southern New England communities since 1990. The multigenerational family-run business takes great pride in not only redeveloping and reinventing facilities for adaptive reuse, but also bringing life to communities in the process. Unlike some developers, MEGRYCO is highly devoted to this cause because the firm takes ownership from infancy to occupancy in the majority of its projects.
With years of real-estate development and contracting experience the MEGRYCO team, led by father-daughter and nephew trio, Rick, Megan and Jason Vayo, carefully selects choice properties to create a full-service design, construction, management and leasing operation. “We’re not looking for just any building – we’re looking for something interesting that really stands out,” explains Rick, founder and owner of MEGRYCO. “Ever since the company formed in 1990 we’ve enjoyed repurposing, purchasing and rehabilitating.”
Transforming old to new
MEGRYCO launched as a real-estate holding company, but over the last decade the firm has evolved, tapping into everything from single-family homes to industrial office space and more. “My father formed MEGRYCO and over time, we have come to focus more and more on transforming older buildings for residential and mixed-use purposes,” explains Megan. The name comes from a combination of Megan’s name and that of her brother, Ryan, who is considering joining firm later this year after completing his degree at Babson College.
Megan joined her father in the family business about four years ago when MEGRYCO began to hone in on the reuse, repurpose market. “Moving forward, it’s been about the conversion of an old building that either has historical significance or is a beautiful building we don’t want to tear down – that’s our wheelhouse right now,” says Megan. “We also do general property management, currently managing and overseeing 100-plus tenants.”
Today, MEGRYCO has roots in many local towns and cities with complexes ranging from single and multifamily residential structures to more than 50,000 square feet of multitenant commercial facilities. “As far as in-house services go, we handle all of the permitting, working with the city or town to establish an overall vision and design along with managing all aspects of construction, sales/leasing and property management,” says Rick.
“We may bring in architectural consultants, but MEGRYCO has a heavy hand along the way. We provide project oversight and work in partnership with real-estate agents to market the properties,” adds Rick. “We’re involved from start to finish and typically the projects we’re developing, we also own.”
Most notable in 2014 – Residences at The Armory
In the heart of its home in Plymouth, MEGRYCO has completed one of the most notable repurposed residential builds in the town’s recent history. Constructed in 1906, The Armory has been a local landmark for over a century. The site served as an active military barracks and training facility for decades, but as the need for such facilities waned, local community groups have used the facility for meetings and sporting events, in addition to housing juvenile court.
“The 20,000-square-foot property in Plymouth has sat vacant for years until we bought it in June 2013,” says Megan. “We’ve turned the property, which was once an eyesore, into 20 high-end condo units which include gated parking, private storage units, a gym, outdoor fire pit and grilling area and a function room.”
MEGRYCO and the development team went to work in August 2013. After launching the demolition of the $8 million redevelopment, things began to take off fast. “People were so excited about the project that we had six or seven units under purchase and sale agreements by November 2013,” recalls Rick.
The revamped Armory includes one and two plus-bedroom units within the three-story brick building. Of the 20 units, nine are flats and 11 are multifloor layouts, each including state-of-the-art appliances and artisan-inspired, high-end finishes.
Greener, by nature
Not only is The Armory easy on the eyes, Rick also points to the fact that the adaptive reuse project, rather than brand new construction, is greener by nature. “The renovation implements many green design components and is located close to public transportation near many walkable community amenities,” he explains.
“The Armory is in just the right location,” adds Megan. “It’s in the heart of downtown, but further away from the bars and nightlife noise. In the past, nothing like this has been offered and people have really bought into the idea of this community.”
Among the green construction features, 99 percent of the building’s existing brick and timber has been restored and reused. New Marvin vinyl windows with low-e coated, insulated glass help reduce solar gain and make The Armory more energy efficient than the baseline standard for new buildings.
In addition, 10 percent of the newly installed materials have been recycled and produced regionally. Also, throughout construction, MEGRYCO has recycled 85 percent of demolition material and debris, diverting from landfill waste.
Turn of the century meets modern residential
In keeping the adaptive reuse concept rolling into 2015, Rick says the company is now working on another 20-unit residential redevelopment in the heart of historic Plymouth – The Registry. Located one block from the Plymouth waterfront, this century-old structure is being transformed into luxury residential condos inspired by coastal living.
The eco-friendly renovation features 20 unique layouts and offers spacious garden style one-level one and two-bedroom units. Residents of The Registry will enjoy sweeping waterfront views from the expansive roof deck, balconies and private patios, covered parking and beautifully designed grounds. “Construction at The Registry is underway as we speak,” says Rick. “MEGRYCO started demolition January 2015 and the expected completion date is early fall 2015.”
Rick says MEGRYCO is able to turn projects around in such a short timeframe thanks to a trusted development team. “Our goal coming down the line is to have three to five reuse projects under construction and we wouldn’t be able to do this without a strong subcontractor base,” he explains. “For the most part we work with the same sub trades because we know that’s how to get the quality we’re looking for.”
Utilizing repeat subcontractors has helped MEGRYCO foster a team atmosphere based on respect and loyalty that comes with many years working together. “Sometimes we’re working around the clock to maintain schedule, while adhering to the highest quality standard,” says Rick. “With our trusted subcontractor team, we all work like a well-oiled machine. I’m proud to recommend any of our subcontracting partners.”
A strong development and construction team allows MEGRYCO to focus on working with towns and cities, such as Plymouth. “In the case of Plymouth the town has embraced the vision we had for both The Armory and The Registry,” he shares. “It’s a very progressive town -they’re looking for what’s best for the area and really helped to push the idea forward.”
“One of the most exciting parts of both projects is the fact that there are 40 new residences added to the downtown area – that’s 100 to 130 people, living, working and going to small businesses in the area,” adds Megan.
It’s this type of socioeconomic boost that excites the team at MEGRYCO Inc. and keeps the multigenerational family business building better communities.
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