Worcester Business Journal

wbjournal.com | June 8, 2020 | Worcester Business Journal 13 Here for you. Here for our community. We're your neighbor and we're here for you. Please reach out to your local UniBank branch, visit unibank.com, or call us at 800.578.4270. As your local community bank, we know we play a vital role in the livelihood of many individuals, families, and businesses. Member FDIC/Member DIF We are stronger together. New housing starts in Greater Worcester 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Number of housing units approved each year Source: U.S. Census Bureau Boston 15,088 237,494 12,500 Portland, Maine 2,875 41,997 2,210 Bridgeport, Conn. 2,326 34,605 1,821 Providence, R.I. 2,048 44,064 2,319 Worcester 1,917 34,674 1,825 Hartford, Conn. 1,263 43,846 2,308 Manchester, N.H. 1,252 21,227 1,117 Springfield, Mass. 794 17,461 919 Massachusetts 17,365 297,259 15,645 United States 1,386,000 24,695,216 1,299,748 Metro area 2019 20-year total 20-year average Housing starts at New England metros hits the housing market," Skwierawski said. "In the short-term, we haven't seen a drastic difference ... A lot of it will be borne out in the medium- and long- term." Construction moving ahead Despite the pandemic and skyrocket- ing unemployment rates, notable Central Massachusetts residential projects are moving ahead. A major project for downtown Fitch- burg, a redevelopment of a long-vacant furniture building and adjacent fire sta- tion with more than 40 units, is expected to move ahead, Skwierawski said. In downtown Framingham, a 270-unit development called Modera Framing- ham at at 266 Waverly St., is planning to begin moving tenants in by late summer. A few blocks away, Framingham's VTT Management is continuing work on a 75-unit development on Union Avenue across from City Hall that's slated to be complete by early fall. VTT's chief exec- utive, Vaios eodorakos, is optimistic about new housing despite his pessimism with the economy. "is is unprecedented, beyond any scope," eodorakos said of the econo- my. "ere's no V-shape recovery." e firm is pressing ahead though, he said, because its units tend to be more affordable. VTT plans to break ground on an even larger project later this year a few blocks away. at site, on Kendall Street, would include 112 units. North of downtown, a 129-unit devel- opment at the former Millwood Farms Golf Course in Framingham is continu- ing, too. Work on the first few dozen units at Millwood Preserve, which is for residents 55 and older, is underway. "We haven't really had any fallout," said Bob Depietri, a vice president for Capital Group Properties, a Southbor- ough developer. "e pent-up demand is tremendous right now for new housing." Capital Group Properties is continuing with other area developments, including a 114-unit expansion of the Salisbury Hill complex in Worcester. Other Worcester projects continuing include more than 100 units at a former courthouse in Lincoln Square and 72 units on Wall Street. In Upton, the 44-unit development 149 Main is slated for occupancy on July 1. In Boylston, the 66-unit project called e Brookside is expected to open to res- idents in September. Both are currently leasing, said Jennifer Michalik, a com- munity specialist at Shrewsbury-based Madison Management, which is working on both developments. "Our velocity is slower than it would normally be," Michalik said. Ideally, she said, prospective tenants would be able to tour a site and see amenities, but they can't these days. Still, she's optimistic that units will still move, especially for rentals, as downsizing, job changes and other life transitions take place. "For rentals, we're still seeing the demand," she said. "People still need a place to live." W

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