Transit-Oriented Multifamily Community with High Quality Amenities Continues the Renaissance of Downtown Worcester
Worcester, MA, May 28 — City, state, and federal officials joined executives of The Michaels Organization and GoVenture Capital yesterday to mark the start of The Benjamin on Franklin, a $120 million residential development in downtown Worcester, within walking distance of Union Station.
“Housing for our residents is critical for the City of Worcester’s momentum,” Worcester Mayor Joseph M. Petty said. “Projects like The Benjamin on Franklin transform previously unused sites into units that will be home to Worcester’s newest residents.”
The Benjamin on Franklin will offer 364 modern apartments in a five-story mid-rise with more than 80,000 square feet of high-quality amenities, including co-working areas, a game room, a roof deck, a fitness center, a pet spa, and work-from-home spaces. Bike storage and electric vehicle charging stations will also be available. The apartment homes, available in studios and one- and two-bedroom floorplans, will feature private balconies or courtyards, quartz countertops, recessed lighting, walk-in closets, 9-foot ceilings, and energy-star appliances.
Of the 364 apartments, 36 will be reserved as affordable, available to households earning 60 percent of the Area’s Median Income.
Ideally located, The Benjamin will offer easy access to public transportation at the recently renovated Union Station, as well as to major highways and the Worcester Regional Airport. The central location also places The Benjamin between the heart of Downtown and the Canal District, close to cultural and recreational amenities, shopping, and Restaurant Row.
Building more housing is key to keeping Massachusetts competitive and retaining our residents as they work hard to build their lives here,” said Housing and Livable Communities Secretary Ed Augustus. “With the creation of 364 new apartments, The Benjamin will provide homes for people close to Worcester’s revitalized transit hub and growing job sectors that make it possible for them to stay in the region long-term. HLC is proud that this project was made possible by support from the Commonwealth’s Housing Development Incentive Program.”
The development of The Benjamin on a site that has been vacant for some time will add to the renaissance of Worcester, which has been transforming from a city with an economy mostly focused on manufacturing to one focused on Education, Health and Life Sciences. The Benjamin will be located within a five-mile radius of Worcester’s largest employers, including St. Vincent Hospital, UMass Medical School, and Worcester State University.
The Benjamin is also adjacent to the Franklin Street Firehouse and the memorial that was built to honor The “Worcester 6” – Lt. Thomas Spencer, Lt. James Lyons, Firefighter Timothy Jackson, Firefighter Paul Brotherton, Firefighter Jeremiah Lucey and Firefighter Joseph McGuirk – who lost their lives inside the Worcester Cold Storage and Warehouse Co. building during a devastating fire 25 years ago.
“This neighborhood holds a very special place in the hearts of Worcester residents,” said Jay Russo, Michaels’ Regional Vice President of Development. It is a privilege to bring this new residential community here, and to be next door to the first responders and this beautiful memorial. We are grateful to the city for their support of this important development, said Russo.
The Development Team includes The Michaels Organization, a national leader in residential real estate, and GoVenture Capital, a real estate and investment firm based in Worcester. D.F. Pray will serve as the General Contractor. Maugel DeStefano Architects is providing planning and architectural services.
The construction, expected to last two years, is estimated to create at least 120 local jobs, and will include outreach to small, minority, women, and veteran owned firms. Financing includes equity provided by Boston Andes Capital and Safehold Inc. Truist provided the construction loan. In addition, the City of Worcester provided the equivalent of $14 million through a tax abatement that will last 15 years. The abatement helped ensure that the community would be able to offer affordable living at below-market rates.
“It’s a tremendous accomplishment that took years of persistence, patience and a fundamental belief that what we were trying to achieve would benefit our community.” said Brendan Gove, President of Goventure Capital. “We are grateful for our partners at Michaels and with the city for seeing this through and are equally thankful for the opportunity to play a part in Worcester’s transformation.”
The ceremonial groundbreaking was organized by the City of Worcester Regional Chamber of Commerce.
About The Michaels Organization
Michaels is a national leader in residential real estate, offering full-service capabilities in development, property and asset management, construction, and investment. Serving more than 200,000 residents in more than 600 communities across 39 states, the District of Columbia, and the U.S. Virgin Islands, Michaels is committed to crafting housing solutions that jumpstart education, civic engagement and neighborhood prosperity, and to creating Communities That Lift Lives.
About GoVenture Capital
Based out of Worcester, MA, GoVenture acquires, develops, and manages residential and commercial properties that contribute to the vitality and growth of our local communities. Our philosophy is focused on maintaining a creative and flexible approach to all opportunities, while formulating a plan that generates the greatest value for all stakeholders. GoVenture targets gateway markets and select urban and suburban markets that have key indicators showing liquidity, population growth, economic diversity, and other positive demand trends. Founded in 2018 and built on a foundation of discipline, innovation, sustainability, and integrity, we seek partners that embody the same values.
