Please do not leave this page until complete. This can take a few moments.
The first phase of a $70 million, five-year commercial-residential development named Riverbridge in Berlin is set to open in April, according to developer Matthew Senie.
The project is adjacent to the Solomon Pond Mall in Marlborough and is less than a half-mile from Interstate 290. The first phase includes a Shell gas station and a 3,500-square-foot convenience store.
As for the rest of the development, which includes new housing and commercial shopping space, Senie is still working out the details.
But another major development just west of Riverbridge -Northborough Crossing - could be throwing some kinks into Senie's plans. Among the stores opening there is the region's first Wegmans supermarket, a New York-based family owned chain.
And even though Wegmans and the rest of the shopping center at Northborough Crossing has not yet opened, Senie said he's already feeling the pinch of that major development on his plans for Riverbridge.
The Wegmans Effect
Senie's development is broken into a handful of parcels that, as of now, are scheduled to be complete in the next four to five years. Financing and town approvals for the $70-million project have been obtained, he said.
When complete, there will be about 250 residential units, including about 150 medium-priced townhouses, apartments and small houses, as well as a roughly 100-bed assisted living facility.
There will also be an adjacent 130,000-square-foot commercial plaza, complete with a market, some national chain restaurants and some mom-and-pop stores, Senie said.
Once he secures tenants for the commercial properties, construction will begin on that portion of the development. Finding those tenants is where Senie has felt the squeeze of Rochester-based Wegmans.
Senie said potential tenants have already told him that they want to wait before committing to the project to see how Wegmans will impact other retailers in the area. This is particularly the case with supermarket chains considering Riverbridge, he said.
Because of the feedback Senie has received, he has slightly scaled back the food mart he was looking to open at the development. Instead of having an anchor supermarket on the site, Senie said it's more likely there will be a smaller market that will complement other stores and restaurants at the site.
Kathy Joubert, town planner in Northborough, where the Wegmans will be located, said any new development has an impact on the region's economy, but it's premature to say exactly what and how big that ripple effect will be with Wegmans.
"People are certainly excited about this store," she said. "It's a brand-new store with a solid brand name."
Adam Ploetz, with the 495/MetroWest Partnership in Westborough, said he thinks Wegmans could have an impact on other grocery stores and restaurants in the region.
"If I was a grocery store, I would definitely be watching this development, if but I'm selling clothes or shoes I wouldn't necessarily be concerned," he said.
Ploetz said he's not surprised to see more residential development being called for in the area. New construction permits have been down for the past few years so there is likely a market demand for medium-priced homes and rental units, Ploetz said.
That's what Senie is hoping to tap into.
"People who live in these $900,000 and $1 million homes are looking to downsize," Senie said.
The medium-priced housing he hopes to offer should serve that market, Senie said.
Overall, Senie is confident the project will be successful, even with a competing development already underway nearby. Riverbridge is in a prime location near the intersections of Interstate 495 and 290 and will be close to the Solomon Pond Mall, which is owned by Simon Properties.
Stay connected! Every business day, WBJ Daily Report will be delivered to your inbox by noon. It provides a daily update of the area’s most important business news.
Sign upWorcester 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.
SubscribeWorcester 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.
See Digital EditionStay connected! Every business day, WBJ Daily Report will be delivered to your inbox by noon. It provides a daily update of the area’s most important business news.
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.
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
0 Comments