A long-vacant lot at the corner of Madison Street and Beacon Street in Worcester has been sold to developers, who plan a six-story mixed-use project for the site.
The buyer, 5 Madison Street, LLC, is registered to Nicholas Earls and Eric DiNicola, principals of Winterspring Capital LLC of Tewksbury.
The project received conditional approval from the Worcester Planning Board on Nov. 2. It will include 110 residential units as well as ground-level commercial space.
The $1-million sale was completed on Dec. 1, according to the Worcester District Registry of Deeds.
The lot was sold by 5-9 Madison Street Trust, with Matthew Swachman of Worcester’s First American Realty, Inc. as trustee. It was last sold for $105,000 in 2014 and is assessed by the City of Worcester for $254,800.
Winterspring Capital was founded by Earls and DiNicola. The firm and its affiliate PWN Development, specialize in multifamily developments, both new construction and property conversion. The company has several current and past projects in the Greater Boston area, according to the firm’s website.
