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November 9, 2022

Boston developer seeks to bring Kelly’s Roast Beef to Worcester, as franchise begins rapid expansion

Image | Worcester Zoning Board of Appeals Proposed retail and medical plaza at 70 Gold Star Blvd., Worcester

A Boston developer is proposing to demolish a former Volvo dealership at 70 Gold Star Boulevard in Worcester to build a new retail plaza anchored by legendary North Shore eatery Kelly’s Roast Beef and urgent-care clinic ConvenientMD.

Parkingway Management LLC, represented by Mark Donahue of Worcester law firm Fletcher Tilton PC, will appear before the Worcester Zoning Board of Appeals seeking approval for a plan to demolish the former dealership at 70 Gold Star Boulevard and build an 18,100 square-foot retail building.

AAM15 Management, LLC of Burlington is opening the franchise location of Kelly’s Roast Beef. The firm came on board through a connection between Parkingway’s broker on the Gold Star Blvd. deal, Andrew Bonica of Eastern Retail Properties in Braintree, and CBRE, who is representing the Kelly’s Roast Beef franchise.

“Coming to Worcester is a no-brainer with the resurgence the city has had with Polar Park and all the other development. We’d be foolish to not pursue a location there,” AAM15 CFO and COO Anthony Librot said.

AAM15 is a private equity investment and management firm led by CEO David Masse and owns and operates 10 hotels in six states, among other properties.

The company plans on opening 15-20 Kelly’s Roast Beef locations in the next five years. A location in Salem, New Hampshire will be the first of AAM15’s new Kelly’s locations to open. A location in Dedham is planned to open in August 2023 and the Worcester location, if approved, is expected to open by the end of 2023. 

AAM15 is not the only firm opening multiple Kelly’s franchises. According to a June Restaurant News article, RA Ventures of Westford, who owns 110 Grill and Apex Entertainment in Marlborough, plans to open 10 restaurants by the end of 2023.

Kelly’s Roast Beef was founded in Revere in 1951 and is now based in Saugus. 

The story about Kelly's Roast Beef eying a Worcester location was first reported by the Telegram & Gazette.

Kelly’s first announced it would be franchising in 2020. In June, the company announced it signed a commitment with three franchisee partners to build up to 43 units, according to Restaurant News.

A franchisee will need $750,000 to $1.9 million, including a $40,000 franchising fee, to begin operations, according to Kelly’s franchising website.

In addition to Kelly’s Roast Beef, the developer of the Gold Star Boulevard complex plans on leasing space to ConvenientMD, an urgent care clinic with locations in Massachusetts, New Hampshire, and Maine. There are three additional retail spaces in the development, which are being built on spec.

Parkingway Management LLC, is a partnership dealing primarily in retail and medical-use development. If approved, this will be the company’s third ConvenientMD location, and it has two more in the works.

ConvenientMD had been targeting Worcester for a new location, said Michael d'Hemecourt, a partner in Parkingway Management.

Parkingway Management opened a plaza anchored by a ConvenientMD in Quincy in 2019.

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Robert Anderson
November 10, 2022

"“Coming to Worcester is a no-brainer with the resurgence the city has had with Polar Park and all the other development." It would be easier to just take over one of the vacant restaurants in the Canal District.

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