Worcester Business Journal

28 Worcester Business Journal | April 29, 2024 | wbjournal.com P O W E R 1 0 0 R E A L E S T A T E Chip Norton President & owner Franklin Realty Advisors, in Worcester and Southbridge Employees: 16 Residence: Dover, New Hampshire College: University of New Hampshire Real estate is the economic driver of Central Massachusetts. Not only does the buying and selling of land create a ton of revenue for both private and public entities, it also facilitates virtually every sort of economic activity by giving it a physical location to occur in. As the largest commercial property owner in Central Massachusetts, Norton plays a key role in keeping the region's economic engine running. FRA's portfolio is bursting at the seams with important properties; highlights include Worcester's Mercantile Center, the Southbridge Innovation Center, e Wellsworth Hotel in Southbridge, and the Worcester Business Center. Norton's day-to-day activities see him regularly interacting with more than 3,000 tenants, employees, and guests. e Mercantile Center has been having a moment as of late; now featuring e Mercantile Restaurant, Ruth's Chris Steak House, the Harpoon Beer Garden, and Fuel America. e complex is quickly becoming a destination for more than just people wearing business suits, although there are still plenty of business people around, as the center is at 98% occupancy. One of the latest tenants is Venture X, a coworking space. e Southbridge Innovation Center and e Wellsworth Hotel, both based on the former corporate campus of American Optical, are on the rise, as 81 acres of the campus were designated to the National Register of Historic Places in May. Norton is behind a 275-unit housing development at the campus, with 48 affordable units now being occupied as part of phase one of that project. On the philanthropic side of the economy, Norton supports institutions such as the Worcester Public Library, the EcoTarium, and the Southbridge Summer Concert Series. - E.C. John Tocco Managing partner V10 Development, in Boston Employees: 2 Residence: Melrose College: The College of the Holy Cross Since the 2018 announcement of the planned construction of the Polar Park baseball stadium, Worcester has been awash in development proposals for proj- ects with dozens, or even hundreds, of new housing units. Almost none of those have come to fruition, as spiking construction costs, high interest rates, and difficulties finding financing have caused most developers to delay or abandon their proposals. But not Tocco and V10 development. eir development is moving right along, right in the exact place where the City of Worcester needs an economic development win.Tocco's firm is behind the development of e Cove, a sev- en-story mixed-use apartment building set to hang over Polar Park like a tow- ering home run. Planned amenities at the 173-unit building, which will feature a mix of studio, one-bedroom, and two-bedroom apartments, include oversized windows overlooking the ballpark, multiple roof deck areas, an on-site restau- rant, and an expansive fitness center. Construction continues on the building, with plans to move in residents in the late summer. In addition to helping the city's dire need for more housing, e Cove is in the special taxing district around Polar Park, which was created to pay for the con- struction of the $160-million public stadium without having to tab into general taxpayer funds. e key to the-stadium-pays-for-itself plan was a five-building development proposal from Boston developer Madison Properties, but four of those buildings have been delayed. e Cove will help pick up much of the slack. Tocco is the first to admit the project hasn't exactly been smooth sailing. e original plans for a 13-story project have been scaled back, reflecting the chang- ing realities of the real estate industry. But whatever the result, e Cove will have a big impact on whether future generations see Polar Park as a success or a costly error. - E.C. William Kelleher IV and James Umphrey Manager partner (Kelleher) and president (Umphrey) Kelleher & Sadowsky Associates, in Worcester Employees: 25 Residence: Shrewsbury (Kelleher), Northborough (Umphrey) Colleges: Providence College (Kelleher), University of Massachusetts Amherst (Umphrey) Long before the Greater Worcester commercial real estate market was attracting attention from around the country, Kelleher & Sadowsky had firmly established itself as a go-to real estate broker in the region. Chances are, if you are buying, selling, or leasing commercial property in Central Massachusetts, you're dealing with the firm run by Umphrey and Kelleher. In the last two years, Kelleher & Sadowsky has been involved in a number of high-profile transactions. is includes the $10.5-million sale of the two-building Worcester commercial complex known as Chestnut Place, which is now planned for apartments; the $32-million sale of the former headquarters of BJ's Wholesale Club in Westborough, the $4.05-million sale of the former Chuck's Steak House and Margarita Grill in Auburn to allow for the construction of a new firehouse, and a number of lease deals helping the Mercantile Center high rise in Worcester reach 98% occupancy, the highest rate since the high-rise complex was constructed in the 1970s. at last fact is particularly impressive when considering the current trend of companies abandoning physical office space in favor of remote work. Kelleher joined the firm in 2000 following a sales career in Boston, while Umphrey has been there since 1985, when he joined the company as an intern. Despite all the plans for developments in Worcester, challenges for commercial real estate lay ahead, as rising construction and labor costs and economic uncertainty threaten to interrupt existing and future projects. Still, real estate will always remain vi- tal to the local economy, and with the experienced Kelleher and Umphrey at the helm, the firm should remain one of the region's most important businesses. - E.C. PHOTO | COURTESY OF FRANKLIN REALTY ADVISORS

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