News: Retail
Posted: February 26, 2016
Galaxy Development wins RFP bid to develop 6-acre Worcester Regional Transit Authority property
Aerial of 287 Grove Street - Worcester, MAWorcester, MA Through an RFP process managed by local commercial real estate broker, Kelleher & Sadowsky Associates which started last spring, the Worcester Regional Transit Authority (WRTA) offered for sale their property located at 287 Grove St.
This property may be one of the most ideally located retail real estate sites in the entire city with frontage on Park Ave., Grove St. and Sycamore St. It sits in the Gold Star Blvd. trade area. The 6-acre property has access available in all directions from three streets including a signalized intersection at the corner of Park and Sycamore. Demographics for this retail trade area include 150,000 people within a three-mile radius. Traffic counts exceed 20,000 vehicles per day on both Grove St. and Park Ave..
The WRTA advisory board unanimously selected Galaxy Development of Auburn, Mass. over many other competing bids to develop the site. Galaxy has completed its due diligence and is scheduled to close on the property in March. Preliminary plans call for between 60,000 and 70,000 s/f of retail space. The project will provide many new jobs, as well as enhance the retail environment in this trade area. The city manager has expressed his excitement about the sale. “Not long ago, we had a vacant, polluted site on an important entryway to the city, and an outdated bus garage taking up prime real estate on one of our key commercial corridors. Now, as the WRTA is close to opening a brand new state of the art maintenance facility on Quinsigamond Avenue, the former site is being put to its best use,” said city manager Edward Augustus Jr.
Michael O’Brien, principal of Galaxy Development said, “This is an exciting challenge to create a first class retail development project in the heart of the city.”
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