Historic Adaptative Reuse Development
380,000 SF | 312 UNITS | 523 STORAGE | $31.9M TAX CREDITS | REDEVELOPMENT OPPORTUNITY
Marketing description
Scope Commercial Real Estate is pleased to present 340 Main Street, Worcester, Massachusetts, a historic adaptive reuse redevelopment opportunity located in the heart of Downtown Worcester. The property consists of two interconnected buildings totaling approximately 380,000 square feet across 10 stories along Worcester’s primary Main Street corridor. The approved redevelopment plan includes 312 residential units, 523 self-storage lockers, ground-floor retail space, and amenity areas, creating a mixed-use urban residential asset in one of New England’s fastest-growing secondary markets. The property benefits from 20 parking spaces within the annex building and the opportunity to master lease approximately 300 structured parking spaces, providing significant parking capacity in a supply-constrained downtown market. Extensive pre-development work and architectural planning have already been completed, and the building permit can be reactivated through payment of permit fees and contractor documentation, positioning the project for a streamlined path toward redevelopment. The development is further supported by a significant tax credit and a 15-year Tax Increment Exemption (TIE) approved by the City of Worcester.
Investment highlights
15-Year Tax Increment Exemption (TIE): Approved by Worcester City Council and projected to generate approximately $5.7M in real estate tax savings over the 15-year term following execution.
Federally Designated Opportunity Zone: Provides capital gains deferral and potential tax-free appreciation benefits for qualified investors.
Advanced Pre-Development Status: Architectural planning completed with the building permit able to be reactivated through permit fee payment and contractor documentation.
523-Unit Self-Storage Component: Approximately 13,800+ SF basement storage facility projected to generate $300K–$380K NOI annually.
Institutional-Scale 312-Unit Development: One of the largest entitled multifamily redevelopment opportunities in Downtown Worcester.
Strong Rent Growth & Boston Spillover: Worcester continues to benefit from strong rent growth and increasing demand driven by Boston’s expanding commuter market.
Extensive Parking Capacity in Supply-Constrained Market: The property includes 20 on-site parking spaces within the annex building, with the opportunity to master lease up to approximately 300 structured parking spaces nearby.
Active Municipal Partnership: City-supported redevelopment within Worcester’s Housing Development Zone with HDIP incentives and tax abatement support.
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Similar Properties
Is there information that looks off?
