Worcester Business Journal Special Editions

S4 Worcester Business Journal | May 24, 2021 | wbjournal.com S P E C I A L S E C T I O N : W O R C E S T E R E M E R G I N G S trong fundamentals, com- mitted leadership, anchoring institutions, vibrant culture, and untapped potential: Bo Menkiti's five reasons for why Worcester, why now. Menkiti's message to other potential investors and developers inside and out- side Central Mas- sachusetts came during the first installment in the Worcester Emerg- ing webinar series this spring from Worcester Business Journal and the State House News Service, describing the changes taken place in the second largest city in New England over the past half decade. In the panel talking with city leaders about the new slate of Worcester development, Ann Tripp, executive vice president, chief investment officer and treasurer of e Hanover Insur- ance Group, moderated with panelists Edward Augus- tus, Worcester city manager of Worcester; Roberta Brien, vice presi- dent of projects at Worcester Business Development Corp.; Timothy Murray, president and CEO of the Worcester Regional Chamber of Com- merce; and Menkiti, founder and CEO of Washington, D.C. developer Menkiti Group, which has multiple projects going on in the city. Focusing on Worcester's unique position and potential, each panelist gave insight into Worcester's budding opportunity and growth as a city. "We're the second largest city in New England, and we're acting like it. We are carrying a sense of confidence about who we are, what we are, [and] the kind of talent that we have here in the com- munity," Augustus said. He continued to say it is through Worcester's backbone – colleges, a diverse workforce, medical institu- tions, large employers, and committed leadership – that allows the city to make strategic investments to unlock Worces- ter's potential. All of these factors bolster Worcester's residential appeal as well. Menkiti mentioned how the city's diverse economic bases, connections to universities, and leisure and enjoyment opportunities position the city well to attract new residents. Added to this are the thriving art and restaurant scenes and sports presence, especially with the addition of Polar Park and the Worces- ter Red Sox. One way to gain more residents is through creating new jobs. How- ever, Menkiti discussed how there are 70,000 people that work in Worcester and live somewhere else. "Worcester has the ability to actually capture residents without necessarily creating more jobs … to capture the flow of energy from colleges and universities and the flow of energy from those job creators and corporations," he said. "Worcester offers affordabil- ity as well as the quality of life that the younger de- mographic is really looking for," said Augustus. As more people move to Worces- ter, the housing opportunities must also grow and adjust. "e single biggest issue we hear from our chamber member businesses ... is access to talent. ey need that workforce. Well, accordingly, we need housing to afford that workforce," Mur- ray said. at being said, Murray discussed how the chamber is supporting afford- able housing projects. "We need to make sure that as we invest and grow we're building hous- ing for all of Worcester's residents and future residents ...We need housing of all types," Murray said. One of the main ways to make Worcester more attractive for residents is developing neighborhoods and the walkability of the city. Activating the Worcester's strengths As city and business leaders seek to attract more investment in Worcester, they boast of the myriad of advantages offered in the region BY DEVINA BHALLA Special to the Worcester Business Journal Downtown Worcester, including Union Station Bo Menkiti, The Menkiti Group Edward Augustus, Worcester city manager Timothy Murray, Worcester Regional Chamber of Commerce Ann Tripp, Hanover Insurance Group PHOTO | TMS AERIAL SOLUTIONS

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