MainVest Statement on Great Scott from CEO, Nick Mathews
BOSTON, June 25, 2020 /PRNewswire/ -- Today we were forwarded a letter from the legal counsel representing Oak Hill Properties LLC, the landlord of 1222 Commonwealth Avenue where Great Scott has been a Boston institution for over 40 years, saying that they have entered into an LOI with another tenant. MainVest requested an audience with Oak Hill through their legal counsel, which was denied.
From the beginning of the campaign, it was communicated that all applications for the space at 1222 Commonwealth Avenue would be considered. Our understanding is that Carl Lavin submitted an application in the first week of June, which was never acknowledged, discussed, or followed up on until the rejection letter was sent today. With nearly $200,000 raised from 500+ local investors voting with their wallets for the future of Great Scott and two months remaining on the campaign, we believe that the commercial viability of Great Scott assuming the lease aligns with the outpouring of market validation from the community.
As a financial intermediary, MainVest takes investor protection extremely seriously. We want to remind investors and supporters that while the campaign is ongoing, all funds are held in an Escrow account with an FDIC-member bank. To the extent that the Great Scott campaign is unable to find a viable path forward, all invested capital will be returned to investors, fee-free.
MainVest's mission is centered on the belief that communities, not corporations, should have the power to vote with their wallets and drive the economic development and prosperity of their neighborhoods. With over 500 local investors voting with their wallets in favor of local business growth and tens of thousands more signing petitions and sharing social media in support of Great Scott's future, we're hopeful that the Allston community has a seat at the table when considering the businesses in their backyard.
More about MainVest
MainVest is a community investment platform that focuses on the growth and development of brick and mortar small to medium sized businesses, providing investors with high yield alternative investments that provide potential returns while doing good for their communities. The company's mission is to bring investment to Main Street instead of Wall Street. www.mainvest.com.
Contact:
Jessica Higgins
858-209-4188
[email protected]
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