WORCESTER, Mass. — The Worcester City Council is considering a proposed tax incentive for a new apartment development in the city’s Canal District, as first reported by the Worcester Business Journal.
City Manager Eric Batista has requested approval of a 10-year tax-increment exemption (TIE) agreement that would provide approximately $1.4 million in property tax savings to GFI Partners. The firm is planning a 197-unit apartment building at 39 Green Island Boulevard, near Polar Park.
According to WBJ, the proposed tax break was originally granted to Madison Properties for a separate project that was never built. Under the current plan, GFI Partners would assume the existing agreement once it acquires the site from Madison, which is expected to occur after construction begins.
The development has already received approval from the Worcester Planning Board, and construction is anticipated to start this summer with a targeted completion date in the fall, according to city officials cited by WBJ.
The project will not include designated affordable housing units. Instead, GFI Partners plans to contribute to the city’s Affordable Housing Trust Fund as part of its development approach.
The proposal was discussed at a recent City Council meeting but was held for further review at the request of Rob Bilotta, meaning a final decision will be taken up at a future جلسه.
If approved, the tax incentive would support continued residential growth in the Canal District, an area that has seen increased development activity in recent years, particularly around Polar Park.
