Developer behind proposed 364-apartment Franklin St. complex wants less parking
Image | Worcester Planning Board - Rendering by Maugel DeStefano Architects
A planned development by GoVenture Capital Group at 274 Franklin St. in Worcester
The developer behind a proposed 364-unit apartment building slated for Franklin Street in Worcester is seeking a 10% reduction in the amount of parking spaces proposed for the site.
GoVenture Capital Group, the Worcester-based firm behind the planned residential building, is seeking a special permit to allow a total of 361 surface parking spaces at the site, a reduction of 31 from the 392 spaces originally planned, according to materials submitted by GoVentures to the Worcester Zoning Board of Appeals ahead of its Monday meeting.
GoVenture is working with New Jersey development giant The Michaels Organization to complete the project.
Plans for the site call for the construction of a five-story building. The project will be constructed on 12 parcels along the southerly side of Franklin Street between Arctic and Plastic Streets, adjacent to Keese Street. GoVenture plans on having these parcels consolidated into a single lot at a later date.
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First approved by the City in April 2022, GoVenture’s plan for the project originally called for 421 units. GoVenture and The Michaels Organization received a $11.3-million property tax break over 15 years for the project in March.
The site is located less than a quarter-mile from Union Station and the Worcester Regional Transit Authority’s Central Hub.
The special permit is required to gain relief from the city’s minimum parking requirements. Both activists and developers have criticized minimum parking rules, as a number of cities across the United States have lessened or even eliminated these requirements.
The Worcester City Council sent a request to City Manager Eric Batista in November asking him to draft ordinances to either eliminate or reduce the city’s minimum parking requirements, a move called for in the Worcester Now | Next plan.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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