MassDevelopment Buys Worcester Building as Part of Redevelopment Program
NEC member MassDevelopement recently acquired a former pawn shop in Worcester for $800,000 as part of its Transformative Development Initiative (TDI) Equity Investment Program.
The building, across from the Hanover Theatre, has the potential to be an integral piece in the city’s redevelopment. MassDevelopment will invest in outward improvements before looking for a developer in an RFP-like process that will be available in coming weeks. Officials throughout the city have praised the purchase along with MassDevelopment’s larger TDI Equity Investment Program. Worcester is one of 10 Gateway Cities throughout the state that was selected in December 2014 to be a pilot district for the program. In each city, MassDevelopment aims to incentivize private investment by providing initial development assistance.
“TDI Equity Investments spur transformative development, inspire private investment, and catalyze lasting growth in Gateway Cities,” said MassDevelopment Executive Vice President of Real Estate Richard Henderson. “MassDevelopment is excited to work with the City of Worcester and its TDI Partnership to support its economic vision and build on the momentum generated by investments in the city.”
The New England Council commends MassDevelopment’s commitment to investing in local communities and looks forward to the development in Worcester and other cities across Massachusetts. Read more in the Boston Globe and on MassDevelopment’s website.