Madison Properties receives $57M for mixed-use Ballpark District development

WORCESTER — As Polar Park is about to meet its nine-month anniversary, other planned projects in the Ballpark District are coming to fruition such as the seven-story mixed-use development across from the park which received financing last month.

Boston-based Madison Properties received a $57 million financing package from Rockland Trust for the mixed-use development in the Polar Park neighborhood, according to a Thursday press release from Rockland Trust.

The mixed-use development and residential complex, known as South of Madison Apartments (SOMA), will include a seven-story, 228-unit apartment building with 18,000 square feet of retail space.

The project is scheduled to be completed by the summer of 2023.

The financing from Rockland Trust includes participation from UniBank and PeoplesBank and was arranged by Thomas Welch and Adam Coppola at Colliers International.

Familiarity with Worcester

Denis Dowdle, president of Madison Properties, said he picked Rockland Trust as a lending partner because of its familiarity with Worcester.

"They were very keyed into this opportunity," Dowdle said. "They have an office in downtown Worcester and they made it clear they wanted to put together a consortium of local banks together. We were thrilled they were willing and ready to move forward and it added to the certainty of execution because of their understanding of the broader Worcester market and what we were trying to do."

Peter Staiti, senior vice president and Worcester Commercial Lending Center manager at Rockland Trust, said the bank has made its presence known in Worcester over the last four years and is eager to support the SOMA development.

"From the time we first started discussions about it we were very excited, being a Worcester-based commercial lender in the city," Staiti said. "Being in the city I think made us attractive to the developer with our close proximity to the asset and our knowledge of everything that’s happening in Worcester."

Staiti said the development is helping to fill a gap in Worcester's housing market.

"I think housing is a top priority in the city and the state," he said. "We’ve certainly heard Governor Baker comment on the need for good quality housing across all sectors, whether it’s affordable, workforce, or luxury. The growing population in Worcester and the quality of employment that’s available through the hospital networks and educational institutions warrant this type of housing."

The project, located directly across the Polar Park Stadium at 115 Madison St., is the first to break ground at the 22-acre redevelopment site in the Ballpark District.

Polar Park difference

Six parcels surrounding the ballpark constitute the other phases of the project including a left-field building built concurrently with Polar Park; a garage set to open this spring; a hotel; a second residential housing building; and a life science building.

The differences in the projects may seem disjointed, but Dowdle said all the developments will fit together over time.

"Worcester’s growing — the ballpark added a lot of excitement and I think it helped open people's eyes to what’s happening across the city," he said. "The Ballpark District and the growth of the population in Worcester will continue to feed on each other in a positive way and lead to more development."

While Rockland Trust and the associated banks have committed to working on the SOMA project, Staiti said the bank would would be happy to work on the rest of the development projects if presented with the opportunity.

"Rockland Trust is committed to the development of Worcester and we’re very happy to work alongside a seasoned developer like Denis Dowdle on what is a very important project for the city," he said.

The project is the first to follow Polar Park at the former Wyman Gordon/Stanley Tool site. The residential units will offer 48 studio, 120 one-bedroom, 55 two-bedroom and five three-bedroom apartments.

"I’m of the opinion that every shovel on the ground is good news for everyone. Even if it’s competing with something we’re doing, I think investment in Worcester is positive for everyone," Dowdle said. "Every building helps attract the next building, so the fact that we’ll have 228 units of people living in the district will have a positive impact on the Canal District, and then having the Canal District there will be an amenity for our building. It all works well together."

This article originally appeared on Telegram & Gazette: Madison Properties receives $57M for mixed-use Ballpark District development