Worcester Business Journal

wbjournal.com | January 27, 2025 | Worcester Business Journal 5 Holy Cross partners with Polar Park district developer to redevelop former Rotmans furnitue site Madison Properties, the Bos- ton-based developer facing criticism from the City of Worcester for a lack of progress on developments in the Polar Park district, has purchased the 13-acre former site of Rot- mans Furniture, as the College of the Holy Cross has partnered with Madison to redevelop the site over the long term. Madison Brus- sels LLC, an entity created by Madi- son Properties President Denis Dowdle in October, purchased the site at 725 Southbridge St. for $7.95 million on Jan. 16, according to Worcester District Registry of Deeds records. e site was purchased from Brussels Development, a Florida-based entity. e purchase was followed by a Jan. 16 press release from Holy Cross stating it would be working with Madison to redevelop the site, with the exact rede- velopment plan to be determined. "We are excited about the possibili- ties for this project to contribute to the vibrancy and character of our neighbor- hood and to provide new opportunities to serve our campus community," Holy Cross President Vincent Rougeau said in the press release. Holy Cross said it has already been in contact with the City of Worcester about its plans. e university said developing a masterplan for the parcel will be a lengthy process, but the end result will be a use serving the school's core mission as a Jesuit, Catholic liberal arts college. Holy Cross is considering ways to use the existing structures as part of the redeveloped site. Madison, the developer behind a 228- unit apartment building across from the Polar Park baseball stadium dubbed e Revington, has been under fire from City officials since November, when it was revealed the firm had backed out of a tax-increment-financing agree- ment relating to the Le Field biotech building. A Dec. 13 letter penned by WRA Chair Michael Angelini cast the blame for the ballpark district's revenue short- fall of $792,000 on Madison, saying the firm had failed to follow through on a number of development agreements in $30,000 Grant awarded to Main South Community Development Corp. from MassDevelopment to paint murals between the Worcester's down- town and Webster Square districts Source: Main South Community Development Corp. 5,400+ Central Mass. apartments managed by national real estate firms Greystar, Willow Bridge Property Management, and Pinnacle Property Management Services, which have been accused of a rent-fixing scheme Source: U.S. Department of Justice Central Massachusetts locations of retailer Big Lots locations set to be auctioned off as part of the Ohio-based big-box retailer's bankruptcy proceedings Source: Gordon Brothers $10 million Seed funding donated to Clark University in Worcester by Clark Trustee Vickie Riccardo and her daughters Jocelyn and Alyssa Spencer to es- tablish the university's first School of Climate, Environment, and Society Source: Clark University 6 the district. e letter called on Madi- son to pay taxes and fees it would have owed the City had it completed the Le Field building. e property at 725 Southbridge St. features about 300,000 square feet, most of which has sat unused for nearly two years since Rotmans shut down operations aer nearly 60 years at the site. Companies including A-1 Whole- sale Window and plumbing distributor Washburn-Garfield are still based on the property, according to Google Maps listings. e complex dates back to the 1870s as part of the Whittmall Mills com- plex, which once employed 1,500 mill workers. An entity managed by Madison Prop- erties purchased 725 Southbridge St. for $7.95 million. Other properties once part of the complex are separate parcels which are not part of the transaction, including 3 Brussels St., the site of businesses like Mrs. Moriconi's Ice Cream and Acoustic Java Roastery & Tasting Room, as well as 1 Brussels St., site of Storage 365. "e parcel at 725 Southbridge Street is a unique property with a rich history and tremendous potential," Madison President Denis Dowdle said in the press release. "Holy Cross' commitment to ensuring the long-term viability of this property has made this transac- tion possible, and our collaboration is centered on identifying the highest and best long-term use for the property. We look forward to engaging with the city and other stakeholders as the planning process gets underway." e lengthy planning and devel- opment process for the Rotmans site is designed to give Madison time to focus on its Polar Park district projects, Rougeau wrote in a letter to the Holy Cross community on Jan. 16. "For more than 60 years, the Rotman family served as stewards of this historic property. We want to make sure that the College and Madison are deliberate in the planning process to ensure we're doing the same for the next genera- tion," Rougeau wrote. "e timeline of this project, which will begin with an extended master planning period, also enables Madison Properties to maintain its focus on other projects underway in the city, such as development around Polar Park." Dowdle has previously purchased parcels in the area surrounding Holy Cross, later selling them to the univer- sity. is includes 129B, 131 and 133 Kendig St., three parcels Dowdle sold to Holy Cross in 2022 for a combined $975,000. Scan the QR code to learn more. Discover why ZEscrow is the future of escrow management! Member FDIC | Member DIF 800-939-9103 cornerstonebank.com The Future of Escrow Management and Subaccounting for Landlords Easily handle security deposits and other escrow accounts smoothly and securely with ZEscrow. is modern, convenient, third-party web platform for digital commercial escrow and subaccounting keeps you effortlessly organized. Continued on next page Holy Cross President Vincent Rougeau

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