Full ArticleWorcester courthouse project on track for late summer opening
The transformation of the former Worcester County Courthouse into a $54-million apartment complex has reached the halfway mark.
“We are on track to complete construction in late summer of next year,” said Michael Lozano, Trinity Financial’s senior project manager. “We are preparing to market the apartments next spring.”
Of the 117 apartments, 64 will be affordable for income-eligible tenants with rents ranging from $800 to $1,800 for the studio, one-, two- and three-bedroom units.
The other 53 apartments will be priced at market rate ranging from $1,700 to $2,900.
Boston developer plans to convert manufacturing plant to apartments, againBoston developer plans to convert manufacturing plant to apartments, again
By Thomas Grillo
The developer who is converting the former JH and GM Walker Shoe Factory on Water Street in Worcester into apartments has set his sights on transforming another manufacturing plant.
Anthony Rossi, principal of Rossi Development, confirmed his Chelsea company has a purchase and sale agreement for a soon-to-be vacant 47,000-square-foot factory at 33 Hermon Street.
Under the terms of the deal, the sale will close only if the city approves a zoning change to allow residential use at that location.
“I’m working with the city on the change and I’ve already spent money on a study, prior to the closing, on what must be done to make the site clean to meet residential standards,” Rossi said. “I’m willing to take on that burden moving forward because now I know what needs to be done.”
Still, if the Planning Board and City Council fail to approve housing for the district, there will be no deal, he said.
If approved, Rossi said he would remediate the parcel and redevelop the two buildings into apartments. Rossi said he has not decided on the number or size of the units.
“If the city does not allow apartments there, nothing will happen at that location,” he said.
Sorry for not replying earlier, but no. Has some plywood covering up some of the windows, but nothing visible construction wise.
Full ArticleWorcester's Grid District developer buys Prescott St. building
By Grant Welker
The developer of Worcester's Grid District has bought a Prescott Street building that went to auction in December.
MG2 Group of Quincy paid $1.1 million for the building, but the buyer's name wasn't immediately disclosed at the auction. The sale closed Feb. 4.
MG2 Group has developed a cluster of buildings on the south side of Worcester Common into dozens of apartments and a series of restaurants. The transformation of that space includes knocking down the former Paris Cinema into the Beer Garden.
The former manufacturing facility at 95-99 Prescott St. will give MG2 Group a smaller but similar opportunity to remake an old building in a different part of the city. The 32,000-square-foot brick building stands just down the street from Worcester Polytechnic Institute's Gateway Park, Courtyard by Marriott, Hampton Inn & Suites, and the mixed-use Washburn & Moen mill building on Grove Street.
"We were really drawn to the area," said Joe Donovan, MG2 Group's vice president.
MG2 Group is working with architects and a general contractor to plan how to create a new lobby and prepare the space for lease, Donovan said, which could be for office or other flexible space. Uses would likely be compatible with Gateway Park, which includes WPI labs, a PracticePoint incubator facility and Massachusetts Biomedical Initiatives' start-up labs.
Tatnuck apartment complex sells for $16M
Full ArticleReNew Tatnuck Square, an apartment complex in the Tatnuck area of Worcester, has been bought for $16.1 million by a California multi-family property firm.
The sale values the Brookside Avenue complex's 120 units at $134,000 each.
The complex, formerly known as Tatnuck Arms, last changed owners in 2006 for $10.5 million. Northland, a Newton real estate firm, bought the site then.
The new owner is a limited liability corporation registered to the Irvine, Calif., office of FPA Multifamily. The firm's portfolio is largely on the West Coast.
Full ArticleWuXi seeks $11.5M tax break for $60M Worcester facility
By Grant Welker
WuXi is the first named planned tenant of the Reactory, a 46-acre campus of buildings proposed for the longtime Worcester State Hospital site. The Chinese firm has said it plans a $60-million facility to be its first such site in the United States.
WuXi could get a financial boost from both the city and state. Worcester Chief Development Officer Michael Traynor is proposing the City Council approve a 20-year tax break to save WuXi 40% of the tax bill the company would pay above the value the property is assessed at today.
WuXi's planned building would increase the value of the site from $1.5 million today to $36 million, Traynor said. While WuXi is estimated to save $11.5 million on its tax bill over the 20 years of the tax agreement, the city would bring in an estimated $20.8 million, he said.
The company has also received a $6-million tax credit from the Massachusetts Life Sciences Center, according to Traynor.
The Worcester Business Development Corp., a public-private business development agency, bought the site in phases in 2017 and 2018 and is marketing the site today to prospective tenants.
“We hope to close on the land sale with WuXi within the next 60 days, which will allow them to start construction this spring,” said Craig Blais, WBDC president and CEO.
WuXi is planning a 107,000-square-foot facility with 150 workers that the city says will average $70,000 per year in salary. The company's plans have called for a biologics clinical and commercial manufacturing facility able to handle both clinical and small volume commercial production, along with an early-stage bioprocess development lab.
The firm plans to break ground this spring and open by March 2022, Traynor said.
Swung by the site today (among a couple of others), it's really taking a deep chunk out of the hill.WPI is breaking ground on a $80 million “Smart World” research collaboration building.
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WPI twitter feed
Today, Worcester Polytechnic Institute (WPI) officials and donors broke ground on a new academic and research facility, taking an essential step as the university commits to leading the Fourth Industrial Revolution and preparing its graduates for long-term success in jobs that do not yet exist.www.wpi.edu
RIP to the worst stairs in history, right next to the library. The run was too long for the rise, so the only way to get up them quick was to double them, which left you out of breath for your 8AM fluid dynamics class. The pitfalls of living in Founders.
I never lived on that side of campus, but I did take advantage of that hill for sledding many, many times. Hopefully that use won't be precluded by this construction.Yeah, those stairs were a pain. The students are going to love having an indoor path to get up the hill in the winter, that's for sure.