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  5. ›Property Sale & Redevelopment - DPWP Central Garage…

City of Worcester·Massachusetts

Property Sale & Redevelopment - DPWP Central Garage Properties / E.D.

Closes 9/29/2023$5M – $15MRequest for Proposal
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Description

The City of Worcester is offering three contiguous parcels (≈ 4.33 acres) that include two existing buildings and a municipal gas‑station for sale “as‑is.” The buyer must submit a Letter of Interest outlining a redevelopment concept that aligns with the Urban Land Institute Technical Assistance Panel recommendations, as well as a sealed price proposal. The redevelopment must be mixed‑use, financially self‑sufficient, and executable within 36‑48 months after permitting. The City will provide existing site data, but the buyer assumes all environmental liabilities and must obtain all necessary permits, financing, and approvals. No City funding is available; the buyer must demonstrate sufficient financial capacity and experience with comparable projects.

Attached files

Contact

Christopher Gagliastro, Purchasing Director(Purchasing Director)

[email protected]

508-799-1224

Key dates

Opened
7/20/2023
Closes
9/29/2023
Duration
36 months

Last updated

Details

Type
Request for Proposal
Industry
Property Development
NAICS
531312
Solicitation №
8050-W4

Budget estimate

$5,000,000 – $15,000,000

The solicitation does not disclose a purchase price, but competitor bids range from $1.9 M to $6 M, suggesting the market value of the parcels lies roughly within that band. Adding redevelopment costs (design, construction, permitting) could easily double or triple the total project cost. A realistic earnings estimate for the buyer (including acquisition and subsequent development) is therefore between $5 M and $15 M. Factors influencing the range include site size, zoning constraints, required environmental remediation, and the scale of mixed‑use construction.

AI estimate from the solicitation

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