Fiscal 2023 DIF Account

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Madison Breaks Ground On Apartments

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Remember this was part of Phase 1 that was all suppose to be completed by April of 2021:

 
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

 **   to date none of these projects have been completed.    

**    These apartments are the first component of Phase 1 to break ground

 

The good news, however, is that the City Manager says we will now net  $50,000,000 over the next 30 years in this video on Spectrum News.   

If we now project $50,000,000 over the next 30 years then we must have an updated pro forma, right??    

Lets see it..       

 

 

 

 

 Denis Dowdle of Madison Properties talks about the project.

Comments

Anonymous said…
$50 million ? The math does not work in my mind. The ballpark has gone from $100 million to $170 million all the development is dramatically delayed. Exactly how are they getting to $50 million? It just does not make sense.
July 23, 2021 at 10:39 AM
Common Sense said…
I know the housing market in Worcester is hot right now, but I'm not convinced that 1,000 more apartments in the Canal District can be supported. Also you've got the 350 apartments that are going to be built at the former Mt. Carmel property. I've heard estimates that after the pandemic we can expect 30% of people will be working from home. This could result in a 25% decrease in commuter passengers for the Worcester line.That would mean less trains and increased fares. That could mean a decrease in the reverse commuters. Then there is the new hotel at this development plus the new hotel that's going across from Union Station. The Beechwood and the AC Marriott sometimes struggle to fill rooms. Hopefully things will work out, but I do have some concerns.
July 23, 2021 at 2:55 PM
Anonymous said…
Awesome. So we can give them a 49 mil tif, and a grant for a million and that will make it 100 mil right 😂?? How many shells in the find the pea game are we up to?
July 23, 2021 at 9:53 PM
Anonymous said…
Worcester is the only place you have a ground breaking without a shovel. Why doesn't anyone look excited over this ground breaking?
July 24, 2021 at 3:45 AM
Anonymous said…
The guy in the yellow looks like he is asking himself what's for lunch.
July 24, 2021 at 5:03 AM
Anonymous said…
So the guy in the yellow (Larry Lucchink,BTW who got the city to give him over $100,000,00 free dollarrs) is definitely think about lunch. The free lunch that he got from the city.
July 27, 2021 at 4:30 AM
Anonymous said…
I was speaking with a City employee who told me a no cost building permit was applied for in November 2020 yet nothing has been done. Something does not seem right with this development.
August 2, 2021 at 3:50 AM
Anonymous said…
Nothing is right with this development other than anything is better than the abandoned wasteland that the site has been for decades. The question was it worth $179,000,000 of taxpayer money to enrich some billionaires to built something with our money?

Weren’t there local people we could have given the money to to build something? At least they would have kept the money here locally and spent it amongst us.
August 4, 2021 at 5:17 AM
Anonymous said…
The comment questioning is it worth it spending $179,000,000 of taxpayer money to enrich some billionaires focuses the debate where it should be, spending tax dollars on out of town billionaires instead of taxpayers and residents.

Additionally I would comment that the information being presented by the City is not accurate. I just read an article in the Telegram about the hotel industry. Buried in the article is a portion that Madison is only building a single 115 room hotel, not the large dual brand hotel which the City has reported, or should I say disclosed, as recently as this press conference.

Again one needs to keep questioning the City on this project because we trust them to do what is in the best interest of all the Taxpayers and residents of the City with our tax dollars, not out of town investors. Additionally, the news media needs to start connecting the dots, which they never will, and ask questions like if the hotel is going to be smaller, as reported in one article, how does that effect the $50 million return on investment reported in another article. One comment I will make about the media is the Worcester Business Journal had a reporter who at least questioned the City and discovered that the cost of the project was higher than reported by the City, unfortunately he has been snatched up by the Boston media so there is no one left asking questions but this blog.


August 5, 2021 at 3:33 AM
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