Proposed site of 364 Worcester apartments purchased by NJ firm for $17M

The Michaels Organization, a New Jersey-based firm partnered with Worcester developer GoVenture Capital Group to construct a 364-unit apartment building on Franklin Street, has purchased the site of the proposed project for $16.55 million.

An entity sharing an address with The Michaels Organization purchased 12 parcels near Franklin Street in Worcester over eight transactions finalized between April 3-7, according to Worcester District Registry of Deeds records.  

Most of the properties were purchased from entities managed by Nan Yang and/or Ding On Kwan of Wellesley. Two other properties involved, 33 Arctic St. and 2 Keese St., were purchased from entities registered to Walter Frick of Worcester and John Barry of Worcester, respectively.

The proposed five-story apartment building would replace industrial buildings and vacant parcels currently making up the site, which is less than a quarter-mile from Union Station. 

GoVenture and The Michaels Organization received a $11.3-million property tax break over 15 years for the project in March 2024. 

The parcels encompass a total of 3.23 acres and were given a 2025 tax assessment value of $5.52 million, according to City of Worcester property records. 

Eric Casey is managing editor of Worcester Business Journal, where he primarily reports on the real estate and manufacturing industries.