Spotlight 1: CitySquare Reimagined
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HIP TO BE SQUARE: Unum is the first company to sign on the dotted line for office space at CitySquare in downtown Worcester.
For most in the Worcester area, CitySquare needs no introduction.
The long-anticipated redevelopment of the center of the city finally broke ground in September, but so far no wrecking balls have slammed through the former Worcester Common Outlets buildings.
The demolition alone is a complicated process, according to Michael F. Buckley, spokesman for The Hanover Insurance Group, which is financing the project through its investment arm, Opus Investments Co.
Buckley said what’s happening now is “surgical demolition” — taking apart the building bit by bit and separating materials for recycling. After that comes more visible exterior demolition. Then, in spring of 2012, new construction will finally begin.
Site Plan
Phase 1 of the project includes the demolition of the old mall, construction of Unum Group’s new 200,000-square-foot building, redevelopment of a parking garage and the construction of Mercantile Street, which will connect Major Taylor Boulevard to Front Street.
Of the $110 million budgeted for the first phase, $75 to $85 million will pay for the Unum building, Buckley said.
The June takeover of the project by Opus sent developers back to the drawing board. The investment group and developer Leggat McCall Properties are in the process of putting together a master plan for the project.
Under previous owner Berkeley Investments, the price tag for the full project had been estimated at $563 million. Berkeley retains ownership of some parts of the CitySquare area, including two office buildings and a parking garage.
The portion of the project now owned by the Opus-backed development entity, known as CitySquare II Development Co. LLC, encompasses 11 acres, which the company bought from Berkeley for $5 million.
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