| MassDevelopment recently purchased a former pawn shop in Worcester through its Transformative Development Initiative (TDI) Equity Investment program. The redevelopment of 526 Main St., located at a major intersection in Worcester’s TDI District and Theatre District, is designed to help advance the city’s vision for transforming its downtown.
“TDI Equity Investments spur transformative development, inspire private investment, and catalyze lasting growth in Gateway Cities,” MassDevelopment Executive Vice President of Real Estate Richard Henderson said in a statement. “MassDevelopment is excited to work with the city of Worcester and its TDI Partnership to support its economic vision and build on the momentum generated by investments in the city.”
MassDevelopment paid $800,000 for the building and plans to make moderate façade repairs and identify end-developers by soliciting interest through an RFP-like process.
The investment builds upon the agency’s previous investments in the city, including collaborative workspace grants to the Worcester Clean Tech Incubator and Worcester Creative Hub, Cultural Facilities Fund grants to the American Antiquarian Society and Worcester Center for Performing Arts and a Commonwealth Places campaign recently launched for Pow! Wow! Worcester.
“Building by building, downtown Worcester is being re-imagined and reinvigorated, and I want to thank MassDevelopment for their role in this ongoing revitalization,” City Manager Edward M. Augustus Jr. said in a statement. “This project, and others being developed by private companies and our state and local partners, will help inject even more vitality to our blossoming Theater District, continuing to build density in the core of our city. These projects, combined with the upcoming $11 million redesign and reconstruction of Main Street, are what will take downtown Worcester to the next level.”
Through the TDI Equity Investment program, MassDevelopment will invest in projects that will have significant economic and district impacts; are consistent with Commonwealth and Agency priorities; engage and build capacity in local communities and partners; catalyze market demand and support district goals; are near-term projects and lack other sufficient funding sources to proceed.
