For Immediate Release: 6/16/2010 9:49 am
Worcester, MA (June 15, 2010) - CitySquare II, a development entity financially backed by The Hanover Insurance Group Inc., acquired approximately 11 acres of property within the CitySquare project from Berkeley Investments, Inc. As a result of this acquisition, CitySquare II now owns the vacant portions of the former mall and the parking garage along Worcester Center Boulevard.
The existing General Development Agreement provides the ability for City Manager Michael V. O'Brien to assign it to another development entity provided that they meet and exceed the specified thresholds of experience, financial capabilities and capacity. Upon the necessary research and review, City Manager O'Brien determined that their development team has indeed achieved and exceeded these benchmarks, and has assigned the General Development Agreement to CitySquare II accordingly.
Under the leadership of President and CEO Fred Eppinger, The Hanover has a unique insight into the local market. They know the City, its plans and the dynamics of the local economy, and most importantly, they are confident in this project. The Hanover will continue to bring the same disciplined management approach to this investment that they do to all others.
This is tremendous progress and a game changer for the CitySquare development project, the downtown area and the City of Worcester. This milestone will provide for construction to begin this year, beginning with the demolition of a vacant downtown mall, construction of a new 200,000-square foot office building to be leased by Unum and redevelopment of an adjacent 860-car parking garage to be used by Unum and its employees.
Many thanks are to be given for the cooperative effort by The Hanover, CEO Eppinger and all that made this a reality, especially the skilled teams at Opus Investments, Inc. and Leggat McCall Properties LLC. The Hanover is a solid local partner with the desire and wherewithal to make this happen once and for all.
