Investment/Mixed Use Development Opportunity

Description:

Strategically located along Worcester’s premier restaurant and entertainment corridor, this unique mixed-use investment opportunity offers investors and developers the ability to acquire a stabilized income-producing commercial asset together with a proposed residential development opportunity in one of the city’s most active urban neighborhoods.

Positioned within the highly desirable Shrewsbury Street district, the property benefits from strong pedestrian activity, excellent regional access, and continued residential and commercial growth throughout the Worcester market.

179 Shrewsbury Street:

A 9,397 RSF well-appointed, fully leased eight-unit multi-tenanted commercial building situated on a 0.37-acre parcel. The property built in 1925 is anchored by the well-established and highly recognized, Pepe’s Italian Restaurant and Bar with a specialty food store. Additional tenants include a diverse mix of personal service & healthcare-related businesses, creating stable tenancy and strong daily activity throughout the property.

Key Highlights


Fully leased multi-tenant commercial building
Established long-term tenancy
Strong Shrewsbury Street visibility
Stable in-place income
Diverse tenant mix
Excellent walkability and neighborhood amenities
Significant future redevelopment


3 Lyon Street:

A 0.304 acre parcel currently utilized as 27 parking spaces supporting the commercial building located at 179 Shrewsbury Street.The site is in the process of being permitted for a new 20-Unit Mixed-Use Residential Development including:


Eighteen (18) market-rate residential units
Two (2) street-level retail storefronts
Structured parking configuration


The proposed development provides investors with flexibility to finalize the project program, including:


Apartments vs. condominiums
Unit mix
Interior finish packages
Branding and amenity concepts


This offering represents a rare opportunity to acquire a fully entitled or near-entitled urban infill development site within one of Worcester’s most active mixed-use districts.

Offering Structure

The ownership is offering the property under two potential acquisition scenarios

Scenario One - Combined Acquisition of:


179 Shrewsbury Street
3 Lyon Street
Associated deeded parking rights/ground lease interests


This structure provides investors with:


Immediate cash flow
Approved residential density
Long-term mixed-use redevelopment flexibility
Unified control of parking and site operations


 

Scenario Two - Separate Acquisitions will also be considered by ownership consisting of:

A. 179 Shrewsbury Street


Fully leased commercial building
Associated parking rights


B. 3 Lyon Street


Approved/entitled mixed-use residential development site
18 residential units plus 2 retail storefronts

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