Field Of Schemes: How Zimbalist’s Worcester study provides a “convenient dodge” for cities looking to subsidize stadiums

on
0

Phase 1 To Be Done With Opening Of Ballpark

on

April 2021 is not that far away
$90,000,000 in developments
Think about that 90 million over the next 20 months


From page 4:

The Agreement with Madison Downtown Holdings, LLC Madison Downtown Properties, LLC (“Madison”) is purchasing the Wyman Gordon properties that comprise the development parcels and the site for the ballpark. The development program outlined in the enclosed LOI between Madison and the City would not exist but for the Ballclub relocating to Worcester and the City’s construction of the ballpark would not be possible without Madison’s commitment to the development program, which is planned for two phases. Madison is committing to construct and have the phase 1 development online simultaneously with the opening of the ballpark. 

 Based on construction costs, Phase 1 consists of $90 Million and approximately: 450,000 square feet of development: 

  $40M - 2 hotels; approximately 250 rooms in total
  $40M – residential; 250 market rate apartments 
 $10M - ~65k SF of retail


Comments

Common Sense said…
I would like to see some kind of entertainment venue in this development that would draw people once the season is over. A movie theater complex would be a good draw as well as some dance clubs or unique retail options. I worry if there is a demand for any more apartments when we have almost 1,000 new ones open or being planned for the downtown and the canal district. I also question if there is a need for anymore hotels in Worcester right now. The AC Marriott hotel at Citysquare has been under performing. We already have a another one that's going to be built at Washington Square. A redeveloped Mt. Carmel property might also include one. Let's not oversaturate our city with hotels and apartments unless we see a strong demand for such.
August 23, 2019 at 3:38 PM
Unknown said…
Yes--an entertainment complex like APEX in Marlborough with or without a movie theater would be desirable to bring in year round foot traffic to the canal district beyond the ball games at Polar Park. How about a food store like Wegman's, Whole Foods, or Trader Joe's for all those people who will be filling all those new apartments?
August 27, 2019 at 12:20 PM
Post a Comment