Worcester committee supports deal for development around Polar Park
Photo | Courtesy | Worcester Red Sox
A rendering of Polar Park and a mixed-use development that's proposed for around the ballpark
The Worcester City Council's economic development committee unanimously approved on Tuesday a recommendation that the full council support a development agreement for a key site outside Polar Park.
The proposed agreement with Boston firm Madison Properties would transfer the stadium site from the developer to the city, a step which has been delayed 18 months, as well as commit the developer to building a hotel, office and residential buildings next to the stadium.
Madison Properties' development is expected to bring in enough new tax revenue to the city to make up the bulk of the city's costs for building Polar Park, which through January cost roughly $132 million. City officials have said so much new revenue will come in from new development in a special tax district surrounding the ballpark that the city will come out ahead by $20 million after a 30-year bond period.
The city has a letter of intent with the Pawtucket Red Sox to move to the ballpark and begin play next April. The two sides haven't signed a formal lease, but the letter of intent is for a lease lasting 30 years.
The city's agreement with Madison Properties includes five city tax breaks and a schedule of when each building is expected to open. It is an update to earlier agreements, with delays starting before the coronavirus pandemic hit. Today, construction is expected to start this fall on the first of two residential buildings, with buildings proposed to open in phases between September 2022 and the end of 2024. The city is waiving $2.25 million in permit fees for the project.
The Worcester Redevelopment Authority voted Sept. 25 to approve a land disposition agreement transferring the ballpark site from Madison Properties to the city through an unspecified third-party escrow agent. Construction of Polar Park has been taking place using a series of right-of-entry agreements.
WBJ Web Partners
Most Recent
Most Recent
0 Comments