Property Sale & Development - 17 Lodi Street / E.D.

This solicitation offers the City of Worcester’s surplus parcel at 17 Lodi Street for sale to a qualified purchaser/developer. The buyer must acquire the property “as‑is” and construct a single‑family home that will be owner‑occupied for at least ten years, with income‑eligibility restrictions and a capped resale price. All environmental, permitting, and construction costs are the buyer’s responsibility, and failure to complete construction within 18 months results in automatic reversion to the City. The contract is awarded to the highest compliant bid, which was submitted by Capstone Builders. • Minimum bid $50,000; highest bid $67,770 (Capstone Builders). • Development requirements: single‑family home, 10‑year owner‑occupancy, ≤ 80 % AMI buyer, sale price ≤ $290,000. • Tight timelines: construction must start within 30 days of permit issuance and be finished within 18 months of conveyance. • “As‑is” transfer – buyer assumes all environmental, title, and lien risks; includes a re‑version clause if milestones are missed.