WORCESTER, MA – The site of a major residential development near Worcester’s Union Station has changed hands in a multimillion-dollar deal, as The Michaels Organization, in partnership with Worcester-based GoVenture Capital Group, purchased a collection of parcels slated for a 364-unit apartment building, according to the Worcester Business Journal (WBJ).
The transaction, finalized in early April, totaled approximately $10 million, according to a source familiar with the deal.
The Michaels Organization, a real estate and development firm headquartered in New Jersey, acquired 12 parcels in the vicinity of Franklin Street across eight separate transactions completed between April 3 and April 7, WBJ reported. The purchases were made through an entity sharing the same address as the firm, according to records from the Worcester District Registry of Deeds cited by WBJ.
Most of the properties were acquired from sellers affiliated with Wellesley-based individuals Nan Yang and Ding On Kwan. Two additional properties—33 Arctic Street and 2 Keese Street—were sold by Worcester residents Walter Frick and John Barry, respectively, WBJ reported.
The 3.23-acre development site currently contains a mix of industrial structures and vacant lots, all of which would be demolished to make way for the new five-story residential complex. As noted by WBJ, the project location lies less than a quarter-mile from Union Station, placing it in close proximity to downtown amenities and public transit.
The development has already secured a key financial incentive: a 15-year, $11.3 million tax break approved by the City of Worcester in March 2024, WBJ said. This agreement, known as a Tax Increment Financing (TIF) deal, is intended to support the long-term viability and economic impact of the project.
According to city property records reported by WBJ, the parcels collectively carried a 2025 tax assessment value of $5.52 million, significantly less than the acquisition price—underscoring the scale and ambition of the proposed redevelopment.
With the land acquisition complete, the GoVenture-Michaels partnership moves one step closer to breaking ground on what could become one of the city’s most substantial housing projects in recent years.
