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The moment the ballot initiative passed in November 2016 allowing for recreational marijuana in Massachusetts, economic development officials across the state should have been sharpening their pencils.
Worcester could have up to 15 cannabis shops. Western cities of similar size show there could be demand for far more, but the economic impact may not be so noticeable.
Half of Massachusetts cities and towns have enacted or are considering a ban on recreational marijuana businesses, towns like Uxbridge and Athol have gone in the other direction.
Bookstores are making a comeback across the country, with the New York-based American Booksellers Association seeing a 50% rise in the past decade in the number of its member locations.
The Worcester Planning Board has now signed off on three recreational cannabis retail stores in the city, after approving two more earlier this week.
Primetals Technologies executives along with state and local officials formally kicked off the construction of the U.K-based company's 183,000-square-foot Sutton facility.
Median single-family home prices hit $268,250 in Worcester County in March, outpacing state price increases from last year, which across Massachusetts marked a record high.
The Botanist is one step closer to building what could be more than a 100,000-square-foot facility cannabis cultivation and manufacturing facility in Northbridge.
Fallon Health is looking to move its elder care program to a new medical building on Grove Street in Worcester, pending regulatory approvals.
When City of Worcester and Worcester Red Sox officials announced in 2018 the plan to construct the Polar Park baseball stadium in the Canal District, a key part of the economic development effort was a partnership with Boston developer Madison Properties to redevelop five properties around the ballpark into residences, hotels, and office buildings, with openings scheduled to begin in 2021 when the stadium opened.
All five of those Madison projects are significantly behind schedule and only one has come to fruition -- the high-end 228-apartment complex The Revington -- although the Canal District has seen other non-Madison developments come online, including The Cove and District 120 apartment complexes. All developments in Central Massachusetts have faced headwinds since the start of the COVID-19 pandemic, including trouble obtaining affordable financing, shortage of materials and labor, and downturns in the commercial real estate and life sciences industries.
The slow development of the Madison properties was the main reason cited by City officials for why the City's plan to not use general taxpayer funds to pay for the $160-million Polar Park has failed. Members of the City Council have gone as far as to call for one key Madison property to perhaps be seized by eminent domain to make way for a new developer.
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Worcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
Worcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
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