Business Leaders of the Year: Menkiti activates Worcester’s unrealized potential, one project at a time

Photo/Matt Wright Bo Menkiti, founder and CEO of The Menkiti Group

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By Samuel Bonacci

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Bo Menkiti arrived as a developer in Worcester in 2017 and saw untapped success. He had come to the area to assist his father, Ifeanyl Menkiti, but soon took on his own development projects. In the process, he has garnered praise for his buildings as well as the innovative and collaborative way he approaches development.

He has applied an approach now a hallmark of the Menkiti Group’s work: helping to drive prosperity and activate communities with unrealized potential.

Menkiti examines communities with strong macroeconomic indicators and looks for areas on the other side of perception, often among even people in the community. His underlying belief is communities have unrecognized value that would be positive for everyone if it was unlocked.

“Business can be a tool for good,” said Menkiti. “The only thing that can create more prosperity is business. Business has an obligation to drive prosperity for communities, and I don’t think a lot of people think about business that way.”

Although his company is based in Washington, D.C., Menkiti grew up in the Boston area and was familiar with Worcester. He knew its struggles of living in the shadow of Boston and felt he could have a significant impact on the city.

“How do you get a community that is often looked at as being less than, acknowledged, identified, strengthened and amplified?” said Menkiti. “You can shift the perception of that place and add real economic and social value in doing so.”

Menkiti saw huge potential in the Theatre District. The common perception at the time he was looking for projects was you don’t develop south of downtown. But when Menkiti looked at the area, he saw a different story.

He could see the Hanover Theatre drawing huge numbers of people to the community, but nothing in the immediate area gave those visitors a reason to stay.

The first project he pursued in the area was Chatham Lofts. The project had its grand opening last December, bringing 24 new luxury apartments to the Theatre District.

He has another development underway at 554 Main St. to add retail to the first floor of what has traditionally been an office building. The pandemic slowed these plans, but the number of leases are growing, and when it is fully occupied, it will have a huge impact on the neighborhood, said Menkiti.

His company was awarded the project next door at 526 Main St. from state agency MassDevelopment.

But even before any of his projects were completed, Menkiti’s presence as an outside developer interested in Worcester came at a time when that was the exception, said Timothy Murray, president and CEO of the Worcester Regional Chamber of Commerce. It sent a signal to other developers something special going on.

Menkiti’s presence helped bolster downtown Worcester, which is hugely important to the city with the central business districts accounting for 30% of the city’s commercial and industrial tax rate, said Murray.

And he has completed his developments in a way that celebrates the city’s past while helping to build its future. One of Menkiti’s signature developments is the former Shack’s department store building at 406 Main St. This is a building that was hugely important to many people throughout the city’s history but had become an eyesore, said Murray.

“It is a magnificent building now. It pops. And it’s a magnificent statement of doing something right and really adding to the feel of downtown,” Murray said.

But Menkiti’s approach to business truly sets him apart, said Murray. Menkiti has taken a collaborative approach to his developments, he said, working closely with people in the city and among the community to strengthen the neighborhood and downtown.

Collaboration within the community is something Menkiti hopes to expand upon moving forward. He is looking for additional ways to support other developers and people in the community to help catalyze growth of diverse types of businesses in the area.

“We’ve been really excited about putting down roots and engaging with a place for a long time,” said Menkiti. “So as we continue to do more and more work in Worcester and generally in Central Mass., we are excited about expanding the list of organizations we are able to partner with and work with.”

2022 WBJ Business Leaders of the Year