Polar Park's Left Field Building approved for $3M tax break
Photo | Grant Welker
A mixed-use development is proposed to complement Polar Park across Madison Street in Worcester.
The City of Worcester's $2.9-million tax break for the Madison Properties' 121,000-square-foot mixed-use building next to the $160-million Polar Park baseball stadium in Worcester, received final approval from the state, according to a Thursday press release from the state.
Known as the Left Field Building, the in-progress project will consist of ground-floor retail space, four floors of office space, a rooftop terrace, and a below-ground parking garage, per the press release.
The project entails a $50 million investment, according to the Massachusetts Economic Assistance Coordinating Council, which gave final approval of the 15-year, $2.9-million tax-increment financing agreement from the City of Worcester.
The Left Field Building is projected to create 255 jobs for Worcester residents, according to an application submitted by Madison to the city.
Last fall, Madison Downtown Holdings, LLC, the Boston developer of Madison Properties, asked Worcester City Council for authorization as a certified project to apply for the Massachusetts Economic Development Incentive Program.
The 15-year targeted tax payment schedule outlined in the application commences in 2024, starting at almost $280,000 in annual taxes and concludes at $369,328 in 2038, which are all reduced payments than what Madison would pay in property taxes at the current Worcester commercial property tax rate.
In year three of the tax arrangement, the developer has the option to terminate the schedule and negotiate an alternative TIF plan with the city for the remaining years, per the application.
The application was approved unanimously by City Council last fall.
In the same application, Madison made two other requests for certified project designation to apply for TIF assistance from the EDIP for projects to construct a hotel and 60,000 square feet of commercial office space.
A fourth request was for authorization to apply for the Massachusetts Housing Development Incentive Program for a 125-unit, $11.3-million residential project.
There are no additional city or state incentives in the pipeline as a result of the final approval this week, said Amy Peterson, spokeswoman for the City of Worcester.
Denis Dowdle, the key principal of Madison Properties developing the Left Field Building, was unavailable for comment on Friday.
The EDIP is overseen by the state’s Economic Assistance Coordinating Council. Madison Properties’ award was one of eight projects statewide, which, in total, are forecasted to create 375 new jobs and leverage $130 million in private investment.
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