Worcester On The Move | Kelleher & Sadowsky

Finding Opportunity Amid the COVID-Induced Slowdown

Philip DeSimone – Executive Vice President September 2020 The COVID-19 health crisis has sent a shock wave throughout the U.S. economy. In the second quarter, U.S. gross domestic product (GDP) declined from the first quarter by 32.9% when measured on an annualized measure. In Massachusetts, the economy shrank at an even more staggering pace, plummeting [...]

2020-09-11T13:25:08+00:00

Worcester Poised To Reaccelerate Its Growth Momentum

William D. Kelleher, IV – Principal
June 2020

Before the onset of Covid-19, Worcester roared with commercial real estate activity, attracting developers from coast to coast. Los Angeles-based Benedict Canyon Equities bought the 24-story Sky Mark Tower apartment building for $28.8 million. Boston-based Synergy Investments jumped in the Worcester market with the $16.5 million purchase of Worcester Plaza at 446 Main St. And Madison Properties in Boston began development of the former Wyman Gordan industrial land, adjacent to Polar Park, the $115 million ballpark off Madison Street for the Worcester Red Sox. This multi-use project will feature a new Class A office building just beyond the ballpark’s left field. In addition, two hotels, 250 apartments and 65,000 square feet of retail space are in the works.

2020-06-29T20:38:11+00:00

Despite Geopolitical Storm Warnings Worcester CRE Market Conditions Continue to Look Strong

Meghan Liddy - SVP Capital Markets January 2020

The fundamentals look very strong. Low unemployment, rising wages and an abundance of capital available create favorable market conditions. With a strong consumer foundation, willing investors, and projections for increased business spending, the signs have been pointing toward continued growth in 2020.

2020-05-19T14:55:29+00:00

Worcester Has Momentum and Outside Developers Are Paying Attention

James G. Umphrey – Principal
January 2020

We’ve seen it in cartoons. The kids on snow days do the field research. A snowball starts rolling from the top of a hill, gaining speed and mass along its journey. At a certain point, the sheer momentum appears to be doing the work, creating the magic that spurs the growth and the fuel. Worcester’s downtown development is starting to look like that snowball.

2020-05-19T14:55:33+00:00

The Cannabis Control Commission To Headquarter in Worcester Soon.
Will Other State Agencies Follow?

William D. Kelleher, IV – Principal September 2019

The Cannabis Control Commission (CCC) will be relocating its permanent offices to Worcester from downtown Boston this coming December. The CCC signed a 10-year lease for a 14,381-square-foot office at Worcester’s Union Station and 4,523-square-foot satellite office at 50 Franklin Street in Boston’s Downtown Crossing. The new Worcester headquarters will include 25 offices, 53 work stations and three conference rooms, one of which will be large enough to accommodate the commission’s public meetings. Additionally, CCC will receive 15 parking spots in the garage attached to Union Station, and its office will be accessible by commuter rail.

2019-09-26T12:48:20+00:00

Opportunity for Build-to-Suit Industrial Warehouse Space in Worcester

Drew Higgins August 2019 Nationwide demand for urban warehouse space has outpaced supply in the past decade. Supply of Industrial Warehouse Space in U.S. Before the recession occurred in 2008, there was a fair amount of new warehouse construction. But the recession led companies to vacate their industrial real estate. When the recovery from [...]

2019-08-27T19:23:39+00:00

Consider Relocating Your Company To Worcester

Jim Egan July 2019

Worcester has among some of the best physical and intellectual infrastructure for doing business in New England. Centrally located, Worcester is the second largest city in the region with a growing population of 185,000+ people. Easy access, leading universities, top medical institutions, vibrant cultural and entertainment options, as well as a low cost of living make Worcester an increasingly attractive option for employers and employees. When you move to Worcester, the ever-expanding infrastructure of the city will have a direct and significant impact on your business.

2020-01-30T14:30:29+00:00

Opportunity Zones Are Creating Incentives for Worcester’s Impressive Trajectory to Continue

Chris J. Naff June 2019 Tax Cuts and Jobs Act of 2017 Created by the Tax Cuts and Jobs Act of 2017, the federal government’s Opportunity Zones are re-shaping the real estate landscape throughout the entire United States. An Opportunity Zone is an economically-distressed Census Tract where new investments, under certain conditions, may be eligible [...]

2019-08-29T17:59:01+00:00

The Reactory: Worcester’s Master Planned Park Focused On Biomanufacturing

James G. Umphrey – Principal
June 2019

The WBDC recently unveiled Worcester’s first master planned park focused on biomanufacturing calling it The Reactory. Located alongside UMass Medicine Science Park and the continually expanding UMass Medical School, The Reactory’s master plan allows for eight shovel-ready parcels that can accommodate up to 530,000 square feet of top-quality biomanufacturing facilities.

2019-08-27T19:30:13+00:00

Worcester Auditorium: $94 Million Redevelopment To Become An Innovative Technology, Arts and Education Center

William D. Kelleher, IV - Principal
June 2019

The Architectural Heritage Foundation, a Boston-based preservation group, has agreed to purchase the iconic Worcester Auditorium for $450,000. Their plan is to turn the auditorium into a forum for state-of-the-art commercial entertainment and an incubator for business entrepreneurs involved in the 21st-century digital media industry.

2019-08-27T19:30:00+00:00

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