INVESTMENT/MIXED-USE DEVELOPMENT OPPORTUNITY

Investment Overview

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