145 Front apartments nearly full, developer says
Photo/Grant Welker
145 Front at City Square
The parent company of the developer of 145 Front Street said the 365-unit apartment building is now 99.5% leased, according to a second quarter earnings report.
New Jersey-based Mack-Cali Realty Corp., parent company of Roseland Residential Trust, said the project stabilized in the quarter and is now almost fully leased.
The $97-million project was completed last summer when leasing began at the luxury apartments, which feature a mix of studio, one-, two- and three-bedroom apartments on the site of the former Worcester Center Galleria.
The multi-phased project was part of the $565-million CitySquare project, which includes the 168-room AC Hotel along with new retail, restaurant and office space.
The luxury apartments in the heart of downtown Worcester were the first newly built residential developments in the area in decades. On the ground floor of the apartments is an Elizabeth Grady salon and retail store, Protein House and a Fidelity Bank branch.
The stabilization of the apartment project comes after the company had run promotions on social media to encourage new leasing, including two months of rent-free living.
According to the company’s first quarter earnings report, the apartment complex was 75.6% leased at the beginning of May and 64.7% leased by the middle of February.
Leasing was slow to begin, however. The company said in October through four months, 48.8% of the apartments were leased.
Mack-Cali Realty Corp. said it still owed nearly $58 million as of June 30 to pay off the project.
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Were any of the market-rate units leased at below-market rates?
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