Worcester Business Journal

www.wbjournal.com • Worcester Business Journal • 2 023 Economic Forecast 33 will not have any effect on projects approved before its implementation, many of the hundreds of units proposed in the city won't come online until 2024, and there is no sign of demand for apartments in the city dropping. Lower Pleasant Street will fly high ere will be significant changes along Worcester's Pleasant Street east of Park Avenue in 2023. e area has been declared a Transformative Development Initiative district by the state agency MassDevelopment. Northeast Properties of Worcester is preparing to lease out all new retail storefronts in a plaza at the corner of Russell Street. A strip of vacant storefronts at the corner of Linden Street have been leased this fall. And there is development potential at three lots around the intersection of Pleasant Street and Chestnut Street, all sporting for-sale signs from local brokers. Chair City finds its legs Developers are finding opportunities in Gardner. In 2022, there have been several sales of properties in downtown Gardner for redevelopment and investment. Investors are buying up multifamily residential properties for redevelopment around the city. e City's young Mayor, Michael Nicholson, seems to be energizing the once sleepy city. Gardner stands to benefit from being able to attract people who are priced out of Worcester and surrounding areas. W Simply Beter. Member FDIC Member DIF FOR ANY SIZE BUSINESS we have you covered We have the lending options, competitive rates and financial solutions to ensure the growth and prosperity of your business, no matter the size. Visit us or call one of our experienced commercial lenders at 800-649-3036 or email us at commercial@saversbank.com. The Worcester Housing Authority's next chapter: How a housing crisis awoke a sleeping giant Worcester's largest landlord is step- ping up its fight to increase housing stock for not only the city residents most in need, but for all residents who find themselves stretched thin by the region's rising housing costs. And it's bringing in a powerful friend to help. e Worcester Housing Authority, founded in 1949, is no longer just managing its existing properties, which were first built aer World War II. WHA is partnering with at least one developer to expand the number of apartments available to residents, update units for its current tenants, and increase the income diversity of its neighborhoods. "We can assist in the affordable hous- ing crisis by adding more affordable units," WHA CEO Alex Corrales said. "Part of our vision is rather than go out and compete for land out in the city, let's take a look at our current portfolio … ere may be opportunities for us to increase the number of units." Between 2010 and 2020, the popula- tion of Worcester grew by 25,000, while 10,000 units of housing were built, according to a report by the Worcester Regional Chamber of Commerce. is increased demand has driven up the price of both renting and owning housing in the city e median annual household income for Greater Worcester renters is $44,826 while the income required to afford a one-bedroom apartment at fair market rent is $46,480, according to the National Low Income Housing Coalition. e median sale price of a single-family home in Worcester rose 10% year-over-year in September, the latest monthly data in a two-year period with double-digit percent price increases, according to Peabody data firm e Warren Group. WHA sees an opportunity to provide more housing to renters all along the income spectrum, said Corrales. WHA's Booth Apartments, for example, has 44 one-bedroom units on seven acres, which could become 200 units. "Six years ago, I would have told you that we had no bandwidth for this kind of development. Our focus was more on cleaning up our own properties," he said. Corrales has hired WHA Chief Operating Officer Peter Proulx to get the development aspect of the WHA Top housing stories from 2022 Gardner Mayor Michael Nicholson continues on page 34 Alex Corrales, CEO of the Worcester Housing Authority

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