Lincoln Sq Boys Club - Two Development Proposals

I just had a chance to read the 4 page report from the January 5th City Council meeting. First thing you need to understand is that there are 4 parcels in this general area.

Building D (machine shop)

Think this was the old machine shop building. This was sold on June 29, 2007 for $1,155,000 to a parternship between the WBDC and WPI

Building B & C (Voke School)

This is where the gym and classes were. These were sold for 1,600,000 to what in essence will be Winn. One building (B) will be knocked down for parking while the other (C) will be developed into

• 35 market rent
• 32 income restricted

The above are done deals. What is left?

Building A (Boys Club)

There are two proposals.

1. Acorn Management, great track history check out Wamsutta Mills in New Bedford. They want to pay 675,000 and develop 28 market rate housing units.
2. WBDC, in partnership with Winn, to add 17 units to Building C,of which 11 units will be subsidized. Although the reports says that they will pay $800,000 for Building A, only $400,000 goes to the City of Worcester. The other 400,000 goes into cover their remediation gap for Buidings B & C.

Bottom line is this. The City of Worcester can either 1) get 675,000 dollars and 28 market rate housing units or 2) $400,000 and 17 housing units, of which 11 will be subsidized. Although one would think Acorn should get the bid, who did you think will get the bid?