CitySquare Development Agreement Signed

City of Worcester, Berkeley Investments Prepare for Demolition and Construction

City Manager Michael V. O’ Brien and Berkeley Investments President Young K. Park today signed the development agreement and related documents for the $563-million CitySquare project in downtown Worcester. 

CitySquare, the largest public/ private development in Massachusetts outside the Boston area, will transform a sprawling 20.2 acre former mall in the heart of the City into a vibrant, pedestrian-friendly, transit-oriented “urban village” featuring upscale condominiums, restaurants, retail shops, entertainment venues and state-of-the-art medical and professional office space.   

Berkeley Investments’ $470 million in private capital will create more than 2.2 million square feet of commercial, medical, retail, entertainment, and residential space. The public investment of $94 million “sets the table” for this catalyst project through the creation of a new, intimate street and block pattern and a new, public 1,025-space underground garage, all within this 20.2 acre site.  CitySquare is expected to generate approximately 2,300 construction jobs and the overall development is expected to sustain up to 3,100 full time jobs once complete. 

City Manager O’Brien stated that “The execution of these documents is a significant milestone.  It formalizes both our relationship and the bright future of CitySquare as we take this from the drawing board to reality.  It is a true public/ private partnership forged through good-faith negotiation, measured risk and shared vision.  The support for this project is universal, from Washington to Beacon Hill and most certainly here in Worcester.  As you can imagine, there is much work to do on a project of this magnitude.  The City and Berkeley Investments are more than up to the task.” 

“Both CitySquare and Worcester are poised for success. While other areas around the state are losing population, Worcester and Worcester County’s population is growing, and people are eager to have an exciting place to shop, dine and be entertained,” Young Park said. “And with commuter rail just steps away at Union Station offering service from Boston and Metro West, CitySquare is a perfect example of smart growth development.” 

Worcester Mayor Timothy Murray said “This is representative of the ‘can-do’ attitude here.  The magnitude of the project and the hundreds of steps necessary to get to this point would discourage most.  Not Worcester… this milestone is proof positive that no goal is out of reach when you set your sights high and you have the confidence and the right people around the table to see it through.”  

CitySquare is a catalyst project for the City’s downtown.  It creates the 18-hour a day vibrancy of “feet on the street” with the balanced mix of residential, retail and commercial activity.  Sound urban planning also achieves the reconnection of the downtown to the City’s great neighborhoods and the seamless integration with the more than $1.3 billion of development underway currently and/ or ready to proceed.   The Massachusetts College of Pharmacy and Health Sciences has spent nearly $50 million nearby to refurbish two downtown buildings for classrooms and housing for more than 400 students. A new $25-million, 200-room Hilton Garden Inn has just opened next to the DCU Arena and Convention Center which is adjacent to the new $180-million state courthouse now under construction.  Other significant projects include WPI’s over $50 million investment in the Bioengineering Institute at Gateway Park, the $27 million dollar renovation of the Grand Palace Theater, and much more.

 

Founded in 1991, Berkeley Investments, Inc., is a Boston-based development, investment and management company (www.berkeleyinvestments.com), with a diversified portfolio of 3 million square feet under ownership and management.

 

The City of Worcester (www.ci.worcester.ma.us) with a population of nearly 176,000 is the second largest City in the Commonwealth. Home to nine colleges and universities, Worcester is a regional center for various sectors such as financial, medical and biotech research and is strategically positioned in the heart of New England. More than 6 million people live within 50 miles of the City.