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February 23, 2024

Development planned for former Table Talk Pies site, key to funding Polar Park, having difficulty raising financing

A satellite image of a construction site in Worcester Image | Courtesy of Google Maps The former site of the Table Talk Pie factory and the proposed site of a 375-unit development by Quarterra Multifamily Communities

A property that is set to play a role in helping the City of Worcester pay off debt associated with the construction of $160-million Polar Park is facing delays. 

The developers behind a proposed 375-unit apartment complex at the former site of the Table Talk Pies factory are requesting an extension of site plan approvals from the Worcester Planning Board until Feb. 1, 2026, citing difficulties in obtaining funding for the project in the current economic environment. 

“The Applicant has been forced to delay the submission of a definitive site plan approval application in connection with the Project due to challenges with respect to access to financing and capital related to the rise of inflation and interest rates, instability of the banking system and an overall slowdown in the commercial real estate market,” reads a Jan. 25 letter from Worcester law firm Bowditch & Dewey, LLP, who are representing Quarterra Multifamily Communities, the North Carolina-based developers behind the project.

The City plans on using property tax funds and other funds raised from the District Improvement Financing zone surrounding Polar Park to help pay off $146 million in loans used to finance the project. The stadium cost a total of $160 million and is the most expensive minor league baseball stadium ever built.

This delay is the latest issue surrounding development of the land surrounding the ballpark. A property at 139 Green St. was originally supposed to be the third phase of the Quarterra development, but that property was re-listed for sale in December. A number of other nearby developments, including proposed bioscience lab space located behind left field in Polar Park and a nearby proposed hotel, have yet to materialize.

Mark Borenstein of Worcester law firm Bowditch & Dewey, LLP is representing the developer for this project.

EDITOR'S NOTE: This story has been updated from a previous version to include details on the developer of this project's representation.

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