After developer abandoned plans for 87-apartment project, UMass Memorial buys Shrewsbury Street parcel for $2.65M
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UMass Memorial Health has purchased a Shrewsbury Street parking lot for $2.65 million.
A Shrewsbury Street parking lot, which was the proposed site of a 87-unit apartment building, has been sold to UMass Memorial Health for $2.65 million.
UMass Memorial purchased the 0.64-acre property located at 224 Shrewsbury St. from Auburn-based Lundgren Equity Partners, the developer behind the proposed apartments, in a deal finalized on Nov. 20, according to Worcester District Registry of Deeds records.
The site sits two parcels down from the Shields MRI at UMass Memorial facility at 214 Shrewsbury St., with the current parking lot at 224 Shrewsbury St. utilized by employees at that facility.
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Lundgren had previously intended to construct another 218-unit apartment building directly across the road at 225 Shrewsbury St. but cancelled those plans in July, citing market conditions. The firm had purchased 224 Shrewsbury St. for $1.6 million in December 2022, according to City of Worcester property records.
The 224 Shrewsbury St. property was given a tax assessment value of $794,700 for 2025, according to the City of Worcester.
Lundgren did not immediately return a request for comment regarding the sale.
The site was once the home of Speedy’s, an early drive-in burger restaurant, which opened in 1959 and closed in 1967 following a fire, according to the Worcester Telegram & Gazette. The property later served as an auto dealership before being turned into a private parking lot.
UMass Memorial’s latest purchase on Shrewsbury Street joins a former Alexion R&D facility in Holden and two parcels adjacent to the hospital’s Memorial Campus as properties bought by the healthcare provider in 2024.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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