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1.69 Acres of Opportunity Zoned Development Site

1.69 Acres of Opportunity Zoned Development Site 1.69 Acres of Opportunity Zoned Development Site 1.69 Acres of Opportunity Zoned Development Site 1.69 Acres of Opportunity Zoned Development Site

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

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