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Worcester and Boston developer Madison Properties have officially announced changes to the planned mixed-use development to accompany the $101-million Polar Park baseball stadium: a five-story office building in left field to take the place of a planned hotel.
The 96,000-square-foot building will sit above an underground parking garage and include a roof deck and retail space overlooking the field, according to a Wednesday announcement from the city. The field will be home of the Triple A minor league team Pawtucket Red Sox after it moves to the Canal District in 2021.
A planned 110-room boutique hotel will move south of Madison Street adjacent to a 140-room extended stay hotel, 225 apartments and part of 50,000 square feet of retail planned to be split between the north and south side of Madison Street.
The change represents an increase in the size and scope of Madison Properties’ first phase of development. The second phase, including 200,000 square feet of residential, office and/or mixed use development, remains unchanged.
Worcester officials hope tax revenue from Madison’s development along with rent payments from the team will help pay off the $101-million the city is borrowing for the ballpark project.
When combined, the massive undertaking to redevelop the Canal District and the vacant Wyman-Gordon land comes at a price tag of $240 million.
In a statement, City manager Edward Augustus said momentum for the project has been building rapidly since plans were announced last August.
Denis Dowdle, president of Madison Properties, was instrumental in getting the deal over the finish line, Augustus said.
“With a proven track record of success both here in Worcester and in other cities, we are thrilled to see the evolution of this project take shape and look forward to seeing the transformation of an already vibrant and thriving neighborhood,” he said.
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Worcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
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