CitySquare
On June 22, 2004, Berkeley Investments, Inc. President Young Park along with
capital partner, Starwood Capital of Greenwich, Connecticut announced the
acquisition of the Worcester Common Outlets, a one million square foot
outlet mall located in the heart of Worcester's downtown. Berkeley has
proposed a combination of housing, retail and office space on the 20.2-acre
site to replace Worcester Common Outlets. This project will create a
first-class mixed-use development that will be within close proximity to
public transportation and other essential infrastructure. A prime example of
smart growth, the new development is scheduled to be completed in phases
over the next five years and represents the largest redevelopment project in
the Commonwealth outside of Boston.
Following the unanimous endorsement of the Worcester City Council on June 28, 2005, the project's District Improvement Financing application was heard by the Comonwealth's Economic Assistance Coordinating Council on August 4, 2005. Once again the project received a unanimous endorsement, setting Worcester apart as the first municipality in the state to have a full DIF application approved.
At a ceremony held to celebrate Berkeley’s acquisition of the site, City Manager Michael V. O’Brien stated, “Today is indeed an exciting day for Worcester. We are thrilled to officially welcome Mr. Park and his team from Berkeley to our community and look forward to working closely with them to truly transform the face of Worcester’s downtown.” O’Brien continued, “It is important to note that a project of this magnitude will not be accomplished overnight – today represents the first of many steps we will take together. We join them in celebrating this critical first step and stand firmly committed to working to help make our collective vision a reality.”
“Today marks the beginning of Worcester’s bright future. This signing represents significant progress in transforming Worcester into one of the most vibrant, medium-sized cities in the Northeast,” said Park. “We are excited to be partnering with the City on such a vital project. When the project is completed, downtown Worcester will have a whole new exciting look and feel,” said Park.
“The announcement of the sale of the mall property to Berkeley is welcomed news indeed. Along with my colleagues on the City Council, I look forward to working with Mr. Park to revitalize and reenergize our downtown,” said Mayor Timothy P. Murray.
Originally built in 1971 as the Galleria Mall, the property was redeveloped into the Worcester Common Fashion Outlets in 1994. In 1996 the name of the two-level, 126 outlet center, was changed to Worcester Common Outlets.
About Berkeley Investments, Inc.
Berkeley Investments, Inc. is a Boston-based real estate investment and development firm, headquartered at 121 High Street, Boston, which owns and manages over 3 million square feet. As part of its original charter to focus on value-added investment and development services to its clients, Berkeley has establish itself as a commercial property leader in the telecom and data/internet industry. For current projects, please view the Company’s portfolio.
Related Links
- Worcester City Manager and Berkeley Investments President Outline CitySquare Project Agreement (May 2, 2005)
- DIF Application (PDF 48MB)
- Memorandum of Agreement (PDF 356KB)
- Executive Summary - May 2, 2005 Presentation (PDF 7MB)
- Berkeley Investments, Inc. - CitySquare Project