Polar Park Phase 1


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



Initially this was suppose to be done by January 1, 2021 and pay $2,800,000 in taxes..    



$90 million dollars of private development!!!  Any signs any of these have started while costs have increase from $100 million to $157 million.   #justsayin









Comments

David Z. said…
Bill,
They already have $3,000,000 put aside for this fiscal year in spite of the pandemic delaying the Madison development timeline. Let’s refresh your memory with a link to thus article.

https://www.google.com/amp/s/www.telegram.com/news/20200316/worcester-to-sell-excess-parcels-near-ballpark-site%3ftemplate=ampart

As for the Madison development, the city has already started construction on the 350 space parking garage and the 1st mixed use building consisting of 1st floor retail and apartments above will be breaking ground before opening day for the WooSox.

In Ed we Trust!
David Z. said…
Just to add to my previous comment, once the pandemic hit and Ed Augustus realized that Madison would not break ground as soon as they expected, the city expanded the DIF zone surrounding Polar Park to accumulate additional revenue so Polar Park could still be revenue neutral.
Bill Randell said…
Dave:

How exactly is increasing the size the size of the DIF zone, that will take any additional tax revenue from the General Fund to make the project revenue neutral, a good thing?????

Dave if you expand the DIF to make the project "revenue neutral", you lower revenues to the General Fund which increase all of our taxes.

Bottom line expanding the DIF to make the project "revenue neutral" is not a good thing. BTW, even with the expanded DIF, there is no way this project will be "revenue neutral???

Anonymous said…
What does a publically funded garage, which was supposed to be done by opening day, have to do with the private development? The fact that the City is just starting the project now shows how backwards the project is.
Anonymous said…
I just read the article from the T&G which was published over a year ago, then checked the City's property records on line and the City still has not sold the land. I would not bet the farm based on an article in the T&G.