2021 Power 50: Philip O. Shwachman
Philip O. Shwachman
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For more than 30 years, Philip O. Shwachman has held the fate of Hopedale’s downtown district in his hands.
As the owner of the 1-million-square-foot Draper Mill on 80 acres in Hopedale, the lack of new development drew the ire of town, environmental and business officials, as the Town of Hopedale even tried to sue Shwachman to eminent domain the property for another project.
While all that made for interesting drama, the revitalization of downtown didn’t really get its full start until last year, when Shwachman decided to finally move forward with new development, first by tearing down the rundown mill that was once the main employer in Hopedale. Shwachman is working with the Worcester Business Development Corp. and the Central Massachusetts Regional Planning Commission to find its next best use.
What do you think the future holds for Central Mass.? “The sky is the limit. Worcester has a broad-base economy with growing education, healthcare and innovation technology sectors. There has been a great deal of attention given by the real estate industry.”
Multiple developments: Shwachman’s First American Realty has projects in New Hampshire, Rhode Island, Shrewsbury, Worcester, and Attleborough.
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