Property Sale & Development - 23 Preston Street / E.D.

The City of Worcester is offering a vacant 5,008 sq ft parcel at 23 Preston Street for sale to a qualified purchaser/developer who will construct a single‑family home that meets strict affordability and occupancy requirements for a 30‑year period. Bids must be the highest compliant amount (minimum $73,100) and include a 10 % security deposit. The developer must begin construction within 30 days of obtaining a building permit and complete the home within 30 months of conveyance, otherwise the land reverts to the City. The project also requires adherence to city design, zoning, and environmental regulations, and the finished home must be sold owner‑occupied at prices not exceeding the local median. • Minimum bid: $73,100 with 10 % security deposit. • Affordability clause: owner‑occupied for at least 30 years, sale price capped at median local value, buyer must be ≤ 80 % AMI. • Timeline: start construction ≤ 30 days after permit, complete ≤ 30 months after conveyance; failure triggers re‑version. • Required submissions: cover letter, financial statements, multiple certifications (non‑collusion, tax compliance, etc.) and the bid security.