1.69 Acres of Opportunity Zoned Development Site
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in Worcester, MA, US
Listing was updated on: 03/07/2021
Property Overview
| Price/Rent PSF | $ 2,400,000.00 |
| Asset Type | Land |
| Trade Type | Sale |
| Acres Available | 1.69 |
| Date Available | 03/04/2021 |
| Additional URL | Link |
| Building size | 11300 |
| Additional parameters | Show |
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Description
Location
Kelleher & Sadowsky is pleased to be the exclusive brokers for 5 Salem Square in Worcester. This ±1.34 acre land site is located in the Worcester Central Business District. This parcel is situated within an Opportunity Zone, located within a Housing Development Inventive Program (HDIP) Zone, and has been designated as a Priority Development site. The current zoning is BG-6.0 which would allow for both high-rise and low-rise development according to the City of Worcester zoning regulations. Given recent development activity in Worcester, we believe the highest and best use for 5 Salem Square is residential use, with the following residential uses allowed by right: dormitory; group residence; high rise, multi-family dwelling; and low rise, multi-family dwelling. Other business uses that would be considered and are allowed by right would include a medical clinic; licensed hospital; non-accessory residential parking; schools, colleges & universities; bank; and office building.
Sale
Kelleher & Sadowsky is pleased to be the exclusive brokers for 5 Salem Square in Worcester. This ±1.34 acre land site is located in the Worcester Central Business District. This parcel is situated within an Opportunity Zone, located within a Housing Development Inventive Program (HDIP) Zone, and has been designated as a Priority Development site. The current zoning is BG-6.0 which would allow for both high-rise and low-rise development according to the City of Worcester zoning regulations. Given recent development activity in Worcester, we believe the highest and best use for 5 Salem Square is residential use, with the following residential uses allowed by right: dormitory; group residence; high rise, multi-family dwelling; and low rise, multi-family dwelling. Other business uses that would be considered and are allowed by right would include a medical clinic; licensed hospital; non-accessory residential parking; schools, colleges & universities; bank; and office building.
Location