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WORCESTER, MA-Berkeley Investments, Inc. is finally divesting half of its redevelopment project to Hanover, quite possibly saving the project, which was proposed six years ago to revitalize downtown Worcester. Hanover acquired the parcel in a purchase-and-sale arrangement which paid out $5 million for its designated half of the redevelopment site.

Berkeley purchased the entire 20 acres originally, but development stalled during the recession and locally-based Hanover joined the process, which jump-started the project. The 10-acre parcel which Hanover has taken over is currently home to the Worcester Outlet mall, which will be razed to make way for the a regional headquarters for Paul Revere Life Insurance Co., an affiliate of Unum.

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