Worcester Business Journal

wbjournal.com | October 19, 2026 | Worcester Business Journal 23 Real Estate Source: Massachusetts Department of Revenue, Division of Local Services 0 $50B $100B $150B $200B $250B 0 $5B $10B $15B $20B 2006 2011 2016 2021 2026 0 $3B $6B $9B $12B $15B 2006 2011 2016 2021 2026 2006 2011 2016 2021 2026 Residential Commercial Industrial Total assessed property values in Central Mass. ing above it. Madison has expressed willingness to sell, lease or develop the property for a tenant. Kelleher said the Le Field project remains stalled despite Worcester's tight office market and stable rents. Financing new construction would require a sizable tenant commitment, and no user large enough to move the project forward is currently in the market. Former Rottman's site - 725 Southbridge St. Owner: Madison Properties Madison Properties purchased the 13-acre former Rotmans Furniture site for $7.95 million in January 2025 and partnered with the College of the Holy Cross to explore its long-term redevelopment. e property contains about 300,000 square feet of space in a former mill complex dating to the 1870s. Much of that space was le unused aer Rotmans closed in 2022, although other businesses remained on the property. At the time of the purchase, Holy Cross said the partnership would undertake an extended master planning process to identify a use supporting the college's educational mission, potentially incorpo- rating existing structures. A specific redevelopment plan had not been determined, with the extended master planning process giving Madison time to focus on its Polar Park-related projects. GreenTech Park - New Bond Street Owner: New Garden Park Inc. e former Saint-Gobain campus is now in the hands of New Garden Park Inc., a nonprofit, wholly owned subsidiary of the Worcester Business Development Corp. e subsidiary acquired the approximately 51-acre former Saint-Gobain Abra- sives property at 1 New Bond St. in November 2022. WBDC is overseeing its redevelopment, intending to develop it into an advanced manufacturing campus. While manufacturing tenants have yet to appear, Restaurant Depot plans to open a 50,000-square- foot wholesale warehouse on the campus. Four other pad-ready sites are still up for grabs. The Reactory - Reactory Drive Owner: Galaxy Life Sciences Webster developer Galaxy Life Sciences pur- chased multiple lots off of Belmont Street in Worcester in the wake of the COVID-19 pandemic, when the life science industry was red hot. e industry has cooled a bit since, and so has develop- ment at the site, with only a few steel beams in place for years with no further buildout. e lack of construction at Galaxy's lot doesn't mean the area hasn't seen life science activity; AbbVie is expanding nearby with a new three-story warehouse and office building. While its opening date has been pushed to 2028, completing WuXi's $300-million facility could drive more interest in the remaining undeveloped parcels. Kelleher & Sadowsky Managing Partner Will Kelleher said interest in e Reactory has renewed in recent months, as the life science space is re- bounding a bit. e campus is set to be designated a federal opportunity zone, pending U.S. Treasury approval, offering potential tax incentives for devel- opers. PHOTO | ERIC CASEY PHOTO | ERIC CASEY 725 Southbridge St. 50 Washington St. PHOTO | COURTESY OF WORCESTER BUSINESS DEVELOPMENT CORP. New Bond St. PHOTO | ERIC CASEY Reactory Dr. W

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