Central Block Revitalization - 332 & 340 Main
Since 1925, 332 Main Street or the Central Building has been a prominent part of the heart of Worcester’s downtown corridor. Once a lively mix of offices and shops, the Central Building had fallen into a state of disrepair with the costs of maintaining the building to be insurmountable. The WBDC worked with the property owners of 332 and 340 Main Street to provide pre-development assistance, including permitting and securing financing. The project at 332 Main Street secured $1.2 million in HOME funds from the City of Worcester and secured other funding sources, including State and Federal Historic Tax Credits, as well as funds from the Commonwealth’s Low Income Housing Tax Credit Program. The result of this project was the completion of 55 mixed-income high quality residential units which were leased quickly. This success led to the sale of the Commerce Building at 340 Main Street to a New York-based residential developer in 2020. SilverBrick Group will invest over $50 million to convert office space into 312 market-rate housing units with commercial uses on the first floor.
Fee for Service Project
State & Local Permitting Assistance
Grant Research, Writing & Administration
Planning - Market Readiness & Implementation
Environmental Assessment & Remediation
