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To call Chip Norton a fresh face to Central Massachusetts is a little bit of a misnomer, since he has owned and/or developed several multi-million real estate projects in the region for years, but he was largely working behind the scenes until late October when his firm purchased two Front Street office towers in Worcester for $33 million.
Norton saw the potential for the Worcester commercial real estate market to greatly increase in value -- perhaps getting the $30-$40 per square foot that is typical closer to Boston -- so he plans on investing $36 million in upgrades to the two properties and focusing on adding retail and the right commercial tenants that can turn downtown into an 18-hour destination.
If Norton is successful, the rise in property values will lead to more downtown office space being sold and will have a ripple effect throughout the region.
On the same day that he announced his $36-million renovation, UMass Memorial Health Care said it would move 500 information-technology workers into the towers -- a strong first step to getting tenants with the right fit for the downtown Norton revisions.
Change Agents: Executives bringing their organizations to new heights
Visionaries: Forward thinkers pushing to realize the promises of the future
Politicos: Public officials leveraging their positions to further business development
Fresh Faces: Newcomers to Central Massachusetts with refreshing perspectives and ideas
Inner Circle: Long-time players who continue to have a significant role in new developments
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Worcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
Worcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
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