Of the 15 properties listed for sale, some recently-developed or improved parcels are marketed for their current income generation, while other listings are presented as development opportunities.
Three developers who helped elevate Worcester’s Canal District from a kitschy neighborhood to one primed to become the home for the $160-million Polar Park stadium have listed 15 properties for sale.Edward Murphy, Dino Lorusso, and Allen Fletcher were key property owners in the neighborhood well before the Worcester Red Sox moved to the Canal District in 2021, and they developed community staples such as Crompton Place and the Worcester Public Market. The sale of 15 properties is not an exit from the neighborhood for the three men, but it gives them the opportunity to capitalize on its growth and focus on other projects.“Ed, Allen, and Dino have done a tremendous job with the properties,” said Brad Balletto, one of the listing brokers for the properties from Connecticut-based Northeast Private Client Group. “This is a really exciting opportunity for one person or many people to step in and continue the tradition.”One Kelley Square is one of 15 parcels listed for sale. PHOTO COURTESY OF NORTHEAST PRIVATE CLIENT GROUP[Want more real estate news? Sign up for Real Estate Insider.]Listed properties include 1 Kelley Square, a mixed-use building adjacent to the Worcester Public Market, and 64 Water St., a mixed-use site with a restaurant space and 16 apartments, among other lots containing retail buildings and parking lots. Some of the properties are offered as part of a package, while others are available as standalone offerings. Most of the buildings included in the portfolio are owned by Murphy’s Baystate Investment Fund, while the parking-focused lots are mostly owned by Canal District Parking LLC, an entity owned by Murphy, Lorusso, and Fletcher. “It's just the evolution of the neighborhood,” Fletcher said. “All three of us have done our part. I think we're ready for the next phase and the next generation of developers.”A retail building at 121-129 Water St. is among the listed properties. IMAGE COURTESY OF NORTHEAST PRIVATE CLIENT GROUPThe Canal District has been constantly evolving since the days of the Blackstone Canal, but the neighborhood has seen rapid transformation since the announcement of the $160-million Polar Park baseball stadium in 2018. This transformation has led to increasing property values and more residents in the area, with local businesses working to navigate the impacts of development. Of the 15 properties listed for sale, some recently-developed or improved parcels are marketed for their current income generation, while other listings are presented as development opportunities. Balletto, Taylor Perun, and Tim McGeary of Connecticut-based Northeast Private Client Group are the listing brokers for the properties.“You've got diverse opportunities between existing buildings that are what they are, and other buildings with a ton of redevelopment potential,” Balletto said. “Then other lots could be covered land plays, with existing parking income. Some of these lots are the most prime development sites in the city.”Covered land plays are an investment strategy focused on properties with income-generating tenants, but where the true long-term value lies in the land itself and its future redevelopment potential, according to CommLand.com.Combined, the 15 parcels have a 2026 assessment value of about $11.59 million, according to City of Worcester property records. Assessed values often lag behind what a property will sell for on the open market. Listing prices for the properties have not been made public. Balletto said he didn’t have an estimate on what the parcels would sell for.“It's really hard to sort of put values or expectations on these properties,” he said. “Given the scarcity and the locations, the market's going to determine pricing.”The full listing of properties listed for sale is:
64 Water St. - A property featuring a 19,224-square-foot, mixed-use building. The site includes the Bombay Lounge restaurant and 16 apartments.
1 Kelley Square -A property featuring a 25,140-square-foot, mixed-use building, with tenants that include Subway and Metro by T-Mobile and two apartments on the upper floor.
56 Water St. - The former site of The Queen's Cups bakery, the property features a 2,075-square-foot retail building
23 Millbury St. - A property featuring an 18,039-square-foot building, mixed-use building. The site includes the European Cafe & Deli and nine apartments.
121-129 Water St. - A property featuring a 17,800-square-foot retail building. The site of Team Link Muay Thai kickboxing school, Onezo Bubble Tea, Queen City Barber, and Revived Athletic Recovery & Massage.
30 Millbury St. - Aproperty featuring a 16,500-square-foot commercial building, site of the Throne of Worship Assembly of God church.
9 Langdon St. - A 39,000-square-foot parking lot
126 Water St. - Also known as 215 Harding St., this property features a 4,068-square-foot building which is the site of Suzette Cafe and Thomas Rothwell Spa.
13 Lamartine St. -A property featuring a parking lot and a 3,465-square-foot building that is the site of PPG Paint Store.
7 1/2 Lamartine St. - A property featuring a parking lot with a 2,110-square-foot building which is the site of Golden Tandoori Bakery.
233 Harding St. -A 15,651-square-foot parking lot
156 Washington St. - A 15,360-square-foot parking lot
15 Millbury St. -A 4,836-square-foot parking lot
182 Harding St. - A 7,820-square-foot parking lot
172 Washington St. - A 5,600-square-foot parking lot
Full details on the listed properties can be found here.While the listings include multiple prominent properties in the Canal District, Murphy, Lorusso, and Fletcher are not offloading all their properties in the area.Both 64 Water St. (left) and 56 Water St. are listed for sale. PHOTO COURTESY OF NORTHEAST PRIVATE CLIENT GROUPNot included in the portfolio are 180 Harding St. and adjacent parking lots, which were purchased by Lorusso for $2.9 million in May. Lorusso said he plans to develop 180 Harding St. into studio apartments and attract another restaurant to that building. Lorusso’s Crompton Place building is also not included in the listings. Lorusso said listing other properties for sale will give him more time to focus on 180 Harding St.“We don't plan on moving anywhere,” Lorusso said. “We feel very strongly that the neighborhood is going in the right direction. There's just only so many projects I can do.”Worcester Public Market and the Kelley Square Lofts are not among the listed properties. Featuring a ground-floor food hall with vendors selling a variety of cuisines, Worcester Public Market opened in 2020 and was the vision of Fletcher, a longtime entrepreneur and Canal District resident.Fletcher said even with the sale of some of his properties, he’s still committed to the neighborhood and the market.“I’m all in,” Fletcher said. Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.
