Fiscal 2023 DIF Account

Polar Park: Still Do Not Own The Land

Nobody else seems to worry but when we saw this post, it was the only thing we could think about it.

April 1st, 2021, is now 18 months away,  we still do not have a final Land Disposition or  Private Development Agreement between the City of Worcester and Madison.    

Keep in mind that the private development of "Phase 1" by April 1, 2021, is the key to having this project break-even and not be a cost to the taxpayers:

   Mr. Zimbalist, the city’s consultant, said his projection that the project pay for itself counts on the $90 million in private investment anticipated in Phase I.  It does not count on the development envisioned in Phase II, which includes an office building, residential development and retail.

  • 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

Maybe we will see it shortly and we are worrying about nothing, but this really is something we need to wrap up????