Image | Courtesy of UniBank
A rendering of UniBank's new location near Polar Park
July 8, 2024
UniBank’s new branch to be first commercial tenant at high-profile Canal District development
Photo | Eric Casey
Mike Welch, CEO of UniBank, stands across the street from the bank's future Canal District branch.
UniBank, the Whitinsville-based financial institution with 13 branches across Central Massachusetts, is working to open a new branch location in The Revington, the new mixed-use apartment building directly across the street from the Polar Park baseball stadium.
The branch, expected to open in the fall, will provide UniBank’s complete offering of services, said UniBank CEO Michael Welch. UniBank’s involvement with the Worcester Red Sox and the growth of the Canal District made the location adjacent to Polar Park an ideal fit, he said.
“This is where the energy is,” Welch said, speaking about the Canal District. “This is the epicenter for the excitement of the city.”
UniBank was one of the 21 original founding partners of the Worcester Red Sox, the minor league baseball team leasing Polar Park.
The new bank branch is the first commercial tenant announced for The Revington. Located at 1 Green Island Blvd., the 228-unit mixed use apartment building was completed in 2023. In total, The Revington has seven commercial spaces ranging from 1,338 to 3,575 square feet, according to Showcase.com, a commercial brokerage listing site.
The Revington is one of five planned projects surrounding Polar Park from Boston developer Madison Properties and is the one that’s furthest along. The tax revenue from those five developments are key in the City of Worcester’s plan to pay off the cost of the $160-million stadium using revenues from a district surrounding the stadium.
Managed by Atlanta-based Gables Residential, residential rates at The Revington range from $1,894 for a studio apartment to $3,441 for a two-bedroom, two-bathroom unit, according to listing site Apartments.com. Amenities include a rooftop pool, a spa, and a fitness center.
In addition to an existing Worcester location at 24 Gold Star Blvd., UniBank has branch locations in Shrewsbury, North Grafton, Sutton, Upton, Hopkinton, and Whitisnville.
UniBank is the sixth largest bank in Central Massachusetts, with local deposits of $2.3 billion as of June 30, 2023, according to the WBJ Research Department. The bank has $2.6 billion in assets as of March 31, according to data from the Federal Deposit Insurance Corp.
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