2024 Power 100: John Tocco
Image | Courtesy of V10 Development
John Tocco, managing partner of V10 Development
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Since the 2018 announcement of the planned construction of the Polar Park baseball stadium, Worcester has been awash in development proposals for projects with dozens, or even hundreds, of new housing units. Almost none of those have come to fruition, as spiking construction costs, high interest rates, and difficulties finding financing have caused most developers to delay or abandon their proposals.
But not John Tocco and V10 development. Their development is moving right along, right in the exact place where the City of Worcester needs an economic development win. Tocco’s firm is behind the development of The Cove, a seven-story mixed-use apartment building set to hang over Polar Park like a towering home run. Planned amenities at the 173-unit building, which will feature a mix of studio, one-bedroom, and two-bedroom apartments, include oversized windows overlooking the ballpark, multiple roof deck areas, an on-site restaurant, and an expansive fitness center. Construction continues on the building, with plans to move in residents in the late summer.
In addition to helping the city’s dire need for more housing, The Cove is in the special taxing district around Polar Park, which was created to pay for the construction of the $160-million public stadium without having to tab into general taxpayer funds. The key to the-stadium-pays-for-itself plan was a five-building development proposal from Boston developer Madison Properties, but four of those buildings have been delayed. The Cove will help pick up much of the slack.
Tocco is the first to admit the project hasn’t exactly been smooth sailing. The original plans for a 13-story project have been scaled back, reflecting the changing realities of the real estate industry. But whatever the result, The Cove will have a big impact on whether future generations see Polar Park as a success or a costly error.
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