Annual Reports
Letter from the Chair & President
The WBDC Continues to Invest, Improve and Accelerate Growth in Worcester
We welcome you to the 59th Business Meeting of the Worcester Business Development Corporation here at the new “Top of the Tower” overlooking our incredible City of Worcester! The WBDC experienced growth and continued success in 2023 with the help from our committed partners in the City, State and Federal governments, as well as the private sector to accelerate Worcester’s tax base and job base. We take this opportunity today to reflect on our important accomplishments of the past year as we continue to invest and improve the region’s economy.
Theatre District:
20 Franklin Street continues to be an anchor for the Theatre District in downtown Worcester. Shawmut Design and Construction began calling 20 Franklin Street home in 2023. The Idea Lab welcomed multiple new tenants, including Clark University and the Massachusetts Small Business Development Center who will assist young entrepreneurs turn their vision of opening a business into reality. We continue to partner with Quinsigamond Community College and Worcester State University to expand the nursing program and are committed to exploring new ways to increase downtown density. The JMAC continues to be an anchor along with the Hanover Theatre to promote the arts in the Theater District.
The Reactory:
Following the sale of the remaining parcels to Galaxy Life Sciences in 2023, the WBDC continued to develop The Reactory to ensure that the biomanufacturing industry is positioned for continued success. The WBDC is committed to completing the construction and installation of the permanent signage at the entrance of Reactory Drive, welcoming tenants and visitors to the park. The WBDC will also continue to assist recruiting tenants to the region and complete a dedication space at The Reactory to honor various groups and individuals who contributed to making this park a reality and celebrate those individuals who dedicated their work in the early stages of life sciences. We look forward to the opening of the $300 million WuXi Biologics facility in 2024!
Greendale Revitalization Initiative:
In 2023, the WBDC continued to develop the largest, most complicated development in its history: the 51-acre Greendale Revitalization Initiative on five underutilized quadrants of Saint-Gobain/former Norton Company’s campus. In May, the WBDC was awarded a $2M cleanup grant from the U.S. Environmental Protection Agency (EPA) for remediation of Quadrant 3 of the project. Community meetings continue to be held in an effort to keep neighborhood groups and abutters apprised of the progress at the site. The WBDC also participated in a one-day planning session with the Urban Land Institute to assist in providing solutions to various areas. We have made substantial progress with site remediation and demolition, having completed 70% of Quadrants 1 & 2, removing 4,300 tons of debris by rail with 90% being recycled. We continue our efforts to attract and secure developers and end-users with a primary focus of creating jobs for the region.
Regional Development:
The WBDC continues to work with partners in the region to assist with development. We continue our work in Southbridge with Franklin Realty Advisors developing the former American Optical site into a large mixed-use development to include hotel and conference space, training facilities, manufacturing, and affordable housing. This project is creating jobs and housing for Southbridge and now has become the largest tax producing site in the town. We continue to assist Fitchburg State University with the development of the Theater Block in downtown Fitchburg. We want to thank all our partners who have the confidence in retaining the WBDC to advance their projects.
504 Loan Program:
In 2023, we continued our important work to assist small business in Worcester County. We continued to focus our partnership with BDC Capital and our local banks. Our hard work is paying off as the SBA Program funded 10 new loans totaling $3.75 million, with 9 approvals totaling $4.2 million. Today we honor one of our loan recipients, Seven Saws Brewing Company with the SBA Highlight Award. The loan to this small business was very nostalgic to the WBDC as the company is located in the Holden Industrial Park, an early project in the 1960’s of the WBDC. Our SBA Team continues to pursue new banking relationships in Worcester County and looks forward to continuing our important work to assist small business in 2024.
In conclusion, we want to thank and recognize our amazing, powerful, and dedicated staff who continue to make the WBDC a leading force in economic development for the region.
Sincerely,
Robert J. Morton Craig L. Blais
Chair President