CitySquare II LLC, a subsidiary of Opus Investments of the Hanover Group will become the new owner of the development parcels on the 20-acre project, which is set to revitalize downtown Worcester. Part of the project involves raising the vacant Worcester Common Outlets mall and adding city streets around the new construction.
Currently, Berkley was set to commit $470 million, while public funds were estimated at $93 million. The first major lease from Unum, is reportedly under negotiations and still a go, despite Berkley's partial exit as the main developer.
The redevelopment is proposed as 2.2 million square feet of urban mixed-use development, upscale residences, retail and entertainment venues with additional life science and office space, according to the development website.To read the entire Telegram & Gazette article, click here.
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