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December 29, 2017

Worcester developer buys 'American Hustle' building for $3M

Grant Welker The Central Building in Worcester will be redeveloped to include 55 residential units and ground floor retail.

The vacant Central Building on Main Street in Worcester -- the scene of part of the film “American Hustle” -- has been sold to a developer for $3 million, setting the stage for a $26-million project.

According to land records, Central Building Development Group of Worcester purchased the property Tuesday. The $26-million redevelopment project was announced in June and is set to include 55 residential units and ground floor retail.

Of the building's 55 planned residential units, 36 units will include affordability restrictions, and another 14 will be set aside as workforce units for those who don't qualify for affordable housing but can't afford market-rate units. The remaining five units will be market-rate.

The project is being funded primarily from the public to the tune of $1.3 million from the city in the form of HOME funds from the U.S. Department of Housing and Urban Development and $19.8 million from state sources, including low-income tax credits and funds from the Department of Housing and Community Development and MassHousing loans. 

The Central Building, a seven story, 85,000-square-foot building at 322 Main St., was built in 1926 and has been vacant for about five years. The redevelopment project is slated to take about two years.

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