UMass Memorial Lease Sparks $70M Project
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The Front St. properties will undergo $36 million in improvements.
WORCESTER, MA—UMass Memorial Health Care’s decision to lease nearly 75,000 square feet of space at 90-110 Front St. here was the critical but necessary piece that will now make possible the $70.1-million redevelopment of the downtown property.
Front Street JV, LLC, a joint venture of Franklin Realty Advisors LLC and Great Point Investors LLC, has unveiled a redevelopment plan that calls for the conversion of some vacant retail space into office space. UMass Medical will occupy 74,600 square feet of space for its IT department at the property once the renovations are completed in 2017. In addition, UMass Memorial will also lease another 20,000 square feet of space at 90-100 Front St. by the end of this year for an IT training center. In total, UMass Memorial will bring about 500 employees to the redeveloped property that is adjacent to the $565-millon mixed-use CitySquare development project…
