Last undeveloped CitySquare property purchased for $4.2M by Ohio firm
Photo | Courtesy of Kelleher & Sadowsky
3 Eaton Place in Worcester, the last undeveloped parcel of the CitySquare project, is under new ownership.
One of Downtown Worcester’s most prominent undeveloped properties is under new ownership, as Ohio-based Industrial Commercial Properties has purchased it for $4.2 million.
An entity managed by ICP purchased 3 Eaton Place from Rhode Island-based firm Foresight Capital in a deal finalized on Monday, according to Worcester District Registry of Deeds records.
ICP owns more than 150 properties across the United States and Mexico, according to its website. Its largest property is the Goodyear Tire and Rubber Co. campus in Akron, Ohio, a 400-acre site the firm redeveloped into a modern headquarters for Goodyear and additional mixed-use tenants.
ICP didn’t immediately respond to a request for comment on the transaction.
James Umphrey, Jay Umphrey, and Chris Naff of Worcester-based Kelleher & Sadowsky Associates in Worcester served as the brokers for this transaction.
The 3.91-acre, three-sided parcel at 3 Eaton Place contains a grassy area, which was briefly the site of a beer garden in the summer of 2024. It is the site of pedestrian entrances to the underground Worcester Common Garage, a 560-space municipal parking facility operated by Republic Parking of Tennessee.
The property was once part of the Worcester Center Galleria before it became part of the CitySquare development.
The last parcel of the project awaiting redevelopment, the site was sold to Foresight Capital for $5 million in a 2022 deal which included 5 Salem Square, the former site of Notre Dame des Canadiens Church.
Foresight Capital had planned on building a seven-story, mixed-use building with 145 residential units at 3 Eaton Place, but the company placed the property back on the market in the spring of 2024.
Approvals for that project remain active and predate Worcester’s adoption of inclusionary zoning, meaning ICP could move forward with those plans without being required to include affordable units at the site, according to a brochure for the property from Kelleher & Sadwosky Associates.
The site is a federal opportunity zone, allowing for certain tax benefits, and sits in a Housing Development Incentive Program zone, opening up state tax credits and local-options real estate tax exemptions.
Foresight Capital continues to own 5 Salem Square. The firm has planned a 163-unit mixed-use building for the site, but that project has yet to move forward.
The property received a 2025 tax assessment value of $3.12 million, according to City of Worcester property records.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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