Worcester Business Journal

8 Worcester Business Journal | November 13, 2023 | wbjournal.com BY TIMOTHY DOYLE WBJ Staff Writer W orcester is quickly growing - passing the 200,000 mark in the 2020 Census - and developers are trying to build housing fast enough to keep up. But rising costs on everything from construction loans to building materials are slowing some projects and delaying the start of others. A statewide housing shortage has become so prominent that the governor created the new Executive Office of Housing and Livable Communities, headed by former Worcester City Manager Ed Augustus. Just a few years ago, the outlook seemed rosy. With the fast population growth in Worcester, low lending rates and a developer-friendly city government, developers came flocking to Worcester. Among those developers were large national firms like the New Jersey-based Michaels Organization and Wood Partners of Atlanta with the power and deep pockets to build hundreds of apartments in one shot. e sprawling City of Worcester had plenty of land to offer, former factory land that once served companies like Wyman Gordon and Table Talk Pies, the location of a former church declared structurally unsound, and a group of abandoned buildings steps away from the rapidly changing Canal District. Dozens of projects proposing thousands of new apartments have been approved by the Worcester Planning Board, allowing the public to see slick renderings of buildings by architectural firms like ICON Architecture of Boston, Chelsea's e Architectural Team, and Maugel DeStefano Architects of Harvard. Developers must now bring these renderings to life in a time when interest rates, construction, and labor costs are all rising. While several projects have been progressing and some are near opening, not every proposed project will be built, and some may be smaller than originally proposed. Several projects have re-appeared before the Worcester Planning Board or Zoning Board of Appeals to request an extension on prior approvals. Coming soon Several residential projects are under construction with some preparing to begin leasing apartments. Steps from Polar Park, home of the Worcester Red Sox, e Revington, a seven-story 228-apartment mixed use building, is getting its final touches as it prepares to open this fall. e project was built by Madison Properties of Boston, and is being managed by Gables Developers face new challenges aer proposing more than 4,000 new residential units in Worcester Residential of Atlanta. It features a mix of studio to three-bedroom apartments starting at $1,993, according to the Gables' website. e project includes several ground-level commercial spaces for restaurants and retail. Madison Properties broke ground at the site in 2021. It is part of a multi- phase development of land formerly owned by manufacturer Wyman Gordon. e larger development has shrunk since its original conception, but is expected to still include a hotel and an additional residential building as well as a commercial building aimed at the life sciences industry behind le field at Polar Park. Across the street from e Revington is the Table Talk Los, a seven-story workforce housing development which will have 83 affordable apartments. e project, being built by Boston Capital Development, received help in the form of a $19 million bond arranged by MassDevelopment, $7.1 million in permanent loans from Massachusetts Housing Partnership, money from MassDevelopment's Underutilized Properties Program, and Low Income Housing Tax Credits. Aer the party The Revington, a seven-story 228-apartment mixed use building near Polar Park, is getting its final touches as it prepares to open this fall. PHOTOS | TIMOTHY DOYLE The proposed redevelopment of an office building at 340 Main St. into SilverBrick SkyHouse, a 312- unit apartment building, has been put on hold. The Cove, a seven-story, 173-apartment building, has begun framing work near Polar Park. TPre-leasing has begun for Alta on the Row, a 370-unit residential complex on the former site of Our Lady of Mount Carmel Church.

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