Worcester Business Journal

Razor los A new market-rate apartment building is taking shape in an old factory inside the investor-friendly Main Middle neighborhood BY LIVIA GERSHON Special to the Worcester Business Journal F or Daniel Stroe, a real estate developer with Wallachia LLC in Worcester, the appeal of developing an apartment building in the city's Main Middle area wasn't simply economic. "It's a building with a very interesting history," Stroe said. e 130-year-old building at 128 Chandler St. started its life as a razor factory founded by Joseph Torrey. e Torreys became one of the wealthiest families in Worcester and were known as the first to own a car and one of the first to have a telephone. Eventually, the development of the safety razor led to the company's downfall. "ey were producing straight razors," Stroe said. "ey thought they would never go out of fashion. at was a mistake." Stroe and his business partner, Timothy Adler, bought the building last year for $700,000 and are now deep in the process of converting it into 47 apartments, known as the Stamp Factory Los. Stroe said there's a need in the city for market-rate apartments appropriate for young people and those who are downsizing. "e site had been vacant for more than 10 years be- fore we started to develop it, and the entire economics in Worcester have shied a little recently to allow this project to be feasible," he said. A neighborhood prime for investment e Main Middle neighborhood where the building is located is a walkable area close to plenty of retail shops and restaurants. Yet it's also suffered from pover- ty and a public perception as s a high-crime area. Jimmy Rodriguez, a real estate agent with LAER Realty Partners in Danvers, who works with multifami- ly properties in the neighborhood, said that perception may be changing. He said investors, in particular, have been looking at buildings in the area with an eye to renting apartments and then flipping the buildings or converting them to condos. "ey know that the area will come up at some point," Rodriguez said. "It's a good place to park money in the meantime." Ed Murphy, president of 7 Hills Property Manage- ment and Baystate Investment Fund, said he's already seen success with a building at 1 Quincy St., about a quarter-mile away from the Stamp Factory Los. "We've had really good luck with getting good ten- ants in it," Murphy said. Murphy said another nearby building, Junction Shop Los at 64 Beacon St., had an issue with vandalism of 16 Worcester Business Journal | March 30, 2020 | wbjournal.com Stamp Factory Lofts 128 Chandler St., Worcester Stories: 4 Units: 47 Square feet: 31,000 Owners: Daniel Stroe and Timothy Adler Purchase price: $700,000 Original use: Razor factory PHOTO/GRANT WELKER PHOTO/GRANT WELKER PHOTO/DANIEL STROE Developers Daniel Stroe and Timothy Adler (middle photo) are developing a former razor factory in Worcester's Main Middle neighborhood into apartments.

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