340 Main St, Worcester, MA 01608
312 Unit Apartment Building | For Sale | Worcester, MA 01608
For Sale
Active
- Property Type
-
Multifamily
- Square Feet
- 380,000 SF
Listing Contacts
John McLaughlin
Biria St. John
Simon Butler
Property Overview
CBRE Capital Markets has been exclusively retained to market 340 Main Street Residences, an approved 312-unit, market-rate mixed-use redevelopment opportunity in Downtown Worcester, MA. We are offering this property for sale without an asking price, and will be conducting tours with a call-for-offers to follow shortly thereafter.
Constructed in 1897 as Worcester’s high-rise building, 340 Main Street is an approved historic adaptive reuse redevelopment opportunity in Downtown Worcester. Approvals call for 312 market-rate units with 14,717 sf of ground level retail space and 523 basement level self-storage units. The historic building is filled with character, including high ceilings (10.5’-11.0’), expansive windows, and rich craftwork, featuring wood paneling and marble mosaic floors. The building floorplates are remarkably efficient and building permits and construction drawings are complete for a luxury residential building.
Located in a Federally approved Opportunity Zone, the redevelopment provides economic incentives and favorable tax treatments. The project has over $23 million of tax incentives including a 15 year Real Estate Tax Agreement with the city as well as state and federal tax credits.
Constructed in 1897 as Worcester’s high-rise building, 340 Main Street is an approved historic adaptive reuse redevelopment opportunity in Downtown Worcester. Approvals call for 312 market-rate units with 14,717 sf of ground level retail space and 523 basement level self-storage units. The historic building is filled with character, including high ceilings (10.5’-11.0’), expansive windows, and rich craftwork, featuring wood paneling and marble mosaic floors. The building floorplates are remarkably efficient and building permits and construction drawings are complete for a luxury residential building.
Located in a Federally approved Opportunity Zone, the redevelopment provides economic incentives and favorable tax treatments. The project has over $23 million of tax incentives including a 15 year Real Estate Tax Agreement with the city as well as state and federal tax credits.
Property Details
- Class
- C
- Year Built
- 1897
- Stories
- 10
- Lot Size (sq. ft)
- 51,401 SF
- Units
- 312
Highlights
- APPROVED MARKET-RATE HISTORIC REDEVELOPMENT
- OPPORTUNITY ZONE INCENTIVES & TAX CREDITS IN EXCESS OF $23 MILLION OF INCENTIVES
- TIGHT RENTAL MARKET WITH STRONG TRENDS
- EXCELLENT DOWNTOWN LOCATION WITH EXPANSIVE TRANSFORMATION
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