Gloom And Doom

Time Table on Private Developments

 

Do you remember when Zimbalist said:

 

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.




April 1, 2021 projected completion of 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 

 

 

Our own consultant said that we were counting on the 90 million of private investment from Phase I when the park cost 100 million.   Wonder what he would said looking a 0 million of private investment from Phase 1 and a park cost of 159.5 million???

Now we are told about the 13 story Sir Morgan Cove building and Table Talk.    Neither of these projects will completed this year (2021), next year (2022) or the year after(2023).   We might see some real estate taxes in 2024...  

How are we going to make up all of this lost income that was projected in the initial Pro Forma??

 

 


 

 

Comments

Anonymous said…
Build it and they will come, hopefully in time to pay the mortgage.
Anonymous said…
So why the rush to tear the building down and jam the assembled properties together? Something shady?
Anonymous said…
Is the developer tearing down the building or is it the City? If it is the City tearing it down it is a bargain for the developer. Why is the Lucky Dog still standing?
Common Sense said…
I read today that the residents in the Canal District have formed a neighborhood group to specifically address the parking situation. More residential development will only make the problem worse. I think the biggest impediment to Worcester's growth is going to be our poor public transportation system. The WRTA is not attracting customers even though their not charging fares anymore. Our cabs are ashtrays driven by people that smell like they haven't taken a bath in three weeks. Uber is only going to take so many of the hundreds of people exiting the clubs an 1am. It's not like Boston where you can basically walk down some stairs under the street and grab the subway, allowing you to get to anywhere in their City in 20 minutes. Eventually the word will get around and the residential development will slow.
Anonymous said…
I recall a comment awhile back that the Madison project was going to start before opening day. What happened.
I drove by while a game was being played and it looked like they are using the site for parking for game day.
Anonymous said…
I think that we can count on taxes for the development at the Lucky Dog/Cove site but not the Table Talk site. It’s a low income housing development chock full of tax breaks. At least it will provide workers for Larry Lucchino