Watertown developer buys permitted development property near Polar Park for $3M
Rendering | Maugel DeStefano Architects
A planned six-story mixed-use development at 5 Madison St. in Worcester
Watertown developer SMC Management Corp., developer of the Poet Hill Residences on Hemans Street in Worcester, has paid $3 million for the site of an approved mixed-use development on Madison Street in Worcester.
The property at 5 Madison St. was sold by an affiliate of Boston investment firm Winterspring Capital in a transaction recorded on Tuesday by the Worcester District Registry of Deeds. Winterspring bought the long-vacant lot between Main St. and Southbridge St., near Polar Park in December for $1 million.
Winterspring, represented by Joshua Lee Smith, partner with Worcester law firm Bowditch & Dewey, in November received approval for a six-story mixed-use project including 110 apartments and nearly 2,000 square feet of commercial space. Winterspring was granted a two-year extension on the approval by the Worcester Planning Board at its June 28 meeting.
Construction on the project is expected to begin in January 2024, according to the SMC website.
The site is in an area that is slated for other development projects including the potential redevelopment of the former Registry of Motor Vehicles site at 611 Main St. by Washington D.C. developer The Menkiti Group, and the planned renovation of a former Boys Club on Ionic Ave. into an arts center by Creative Hub Worcester.
SMC Management is currently building a 210-unit apartment complex on Hemans Street In a similar situation to the Madison St. sale, an affiliate of Topfield developer Boghos Properties acquired the majority of the land associated with the project, and got approval from the City for the project, then sold the permitted property to SMC in September for $5.5 million.
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The Worcester area needs about 2500 units to support the growth of the local economy.
Seems to be lots of apartments going up in the area, hope they can find the people to fill them
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