Worcester Business Journal

wbjournal.com | April 3, 2023 | Worcester Business Journal 5 B R I E F S With The Kiln completed, architect looks forward to next Worcester project with developer e Kiln, a 111-unit apartment complex by developer GoVenture Capital Group in Worcester's Greendale neighborhood, has completed construc- tion, according to architecture firm Maugel DeSte- fano Architects, Inc. who designed the project. e firm is already looking to its next local project with the Worcester developer. e Kiln at 222 Brooks St. features market-rate stu- dios, one- and two-bedroom apartments starting at a rental price of $1,600 a month, according to a June press release from GoVenture. "Sited in an area with a mix of commercial busi- nesses and single-family homes, the design team used modern industrial forms and materials and a residential scale to blend the development into the surrounding context," Maugel DeStefano wrote in a March 20 press release from the architects. In addition to GoVenture Capital Group and Maugel DeStefano Architects, project team members included engineers Hannigan Engineering, Inc. of Leominster and New-Hampshire-based TFMoran, Inc. "e art of balancing aesthetics and construction costs began in the earliest phases of design, when geometric simplicity and compositions of attractive, durable materials define marketability and control costs," Jeremy Baldwin, multifamily studio lead at Maugel DeStefano Architects, said in the press release. Maugel DeStefano has partnered again with Worcester-based GoVenture and New Jersey-based e Michaels Organization to design a 364-unit apartment building at 274 Franklin St. in Worcester. e project will replace a group of blighted ware- house buildings at the base of Worcester's Graon Hill neighborhood. Worcester County home sales cratered in February Worcester County home sales dropped almost 26% in February year-over-year and 28% year-to-date. In January and February, 676 single-family homes were sold in Worcester this year versus 939 in the first two months of 2022, according to Peabody research firm e Warren Group. Statewide, sales dropped similarly with 28% fewer homes sold during the first two months of 2023 against the previous year. "A lack of inventory, higher interest rates, and economic uncertainties continue to be the biggest barriers to entry for prospective homebuyers," War- ren Group Associate Publisher and Media Relations Director Cassidy Norton said in a March 22 press release. "Speaking of the economy, the most recent bank failures may shake consumer confidence in the coming months, which could yield even further declines in transactions not associated with a lack of inventory." e rapid price increases seen in 2022 have slowed. e median home price in Worcester County was $390,000 up 8% year-over-year. In February 2022, the median price was $361,000, up 16% from 2021. W S&G is more than a traditional CPA firm. We have industry-specific expertise and offer a wide range of innovative services to make an impact on your business including: Operations & Planning Services • Operational Analysis • Strategic Planning • Value Growth Planning • Assistance in ERP Implementation Specialty Compliance Services • State Nexus Study • International Taxation & Transfer Pricing • FAR/CAS Compliance Accounting S&G is part of a nationwide affiliation of independently owned accounting firms who demonstrate expertise and focus in working with manufacturers. Contact one of our Experts Today! Manufacturers and Distributors have unique needs. They must rely on partners that truly understand their business. 508-757-3311 www.sgllp.com You Need a Partner that Understands Your Business WORCESTER • FRAMINGHAM Joshua LaPan Partner JoshuaL@sgllp.com Matt Allison Partner In Charge of Consulting Division MAllison@sgllp.com

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