A key part of the financing plan for Polar Park, home of the Worcester Red Sox (Triple-A; International League), is on schedule to open in 2024 as developers broke ground on The Cove mixed-use complex.
When Worcester was working on a funding plan for the $160-million ballpark to back 30-year bonds, it turned to a familiar formula in the sports-venue world: Tap into increased revenues generated by anticipated development surrounding a new ballpark. Worcester officials argued the ballpark would pay for itself, based on the assumption the development would generate additional economic activity. Proceeds from a special taxation district around Polar Park started slowly and did not meet initial projections; you can read what happened here.
However, we’re seeing some signs of the anticipated development, as V10 Development, NEI General Contracting and The Architectural Team (TAT) announced that they recently broke ground on The Cove, a seven-story, 210,000-square-foot building overlooking Polar Park. According to an NEI press release, he Cove will consist of 173 upscale, market rate apartments made up of studio, one-bedroom, and two-bedroom units.
“This project will turn vacant land and abandoned buildings into destination housing,” said Josef Rettman, president of NEI General Contracting, via press release. “Worcester is one of the most competitive housing markets in the state with so much to offer residents. We are excited to be a part of this project and to bring more housing in to Central Massachusetts.”
“The building is thoughtfully designed for optimal views of the adjacent Polar Park and incorporates an expansive outdoor courtyard, third-level amenity spaces and seventh-level lounge and roof decks–creating a seamless, light-filled indoor-outdoor environment for residents. The Green Street façade of the building, with large storefront windows and heavy masonry base, connects to the existing historic commercial fabric. On the upper floors, programmed with studios, one-and-two-bedroom units and dedicated resident amenities, exterior materials are lighter and use color and articulation of the massing to visually break down the scale of the building,” says James J. Szymanski, AIA, NCARB, LEED AP, principal of The Architectural Team (TAT), via press release.
The Cove is one of several developments anticipated to open in coming years, creating the tax base needed to pay off Polar Park bonds.
Construction is expected to be completed in the summer of 2024.
Rendering courtesy of ZVZ Studio.
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