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340 Main St
Worcester, MA 01608
SilverBrick SkyHouse · Office Property For Sale
Investment Highlights
- $31.9M Incentive Stack Reducing Equity Requirement
- Federally Designated Opportunity Zone: Provides capital gains deferral and potential tax-free appreciation benefits for qualified investors.
- 523-Unit Self-Storage Component: Approximately 13,800+ SF basement storage facility projected to generate $300K–$380K NOI annually.
- 15-Year Tax Increment Exemption (TIE): Approved by Worcester City Council and projected to generate approximately $5.7M in real estate tax savings.
- Advanced Pre-Development Status: Architectural planning completed with building permit able to be reactivated through fee payment & documentation.
- Institutional-Scale 312-Unit Development: One of the largest entitled multifamily redevelopment opportunities in Downtown Worcester.
Executive Summary
Scope Commercial Real Estate is pleased to present 340 Main Street, Worcester, Massachusetts, a historic adaptive reuse redevelopment opportunity located in the heart of Downtown Worcester. The property consists of two interconnected buildings totaling approximately 380,000 square feet across 10 stories along Worcester’s primary Main Street corridor.
The approved redevelopment plan includes 312 residential units, 523 self-storage lockers, ground-floor retail space, and amenity areas, creating a mixed-use urban residential asset in one of New England’s fastest-growing secondary markets. The property benefits from 20 parking spaces within the annex building and the opportunity to master lease approximately 300 structured parking spaces, providing significant parking capacity in a supply-constrained downtown market.
Extensive pre-development work and architectural planning have already been completed, and the building permit can be reactivated through payment of permit fees and contractor documentation, positioning the project for a streamlined path toward redevelopment. The development is further supported by an estimated $31.9 million incentive stack, including Federal Historic Tax Credits, Massachusetts Historic Tax Credits, HDIP incentives, and a 15-year Tax Increment Exemption (TIE) approved by the City of Worcester.
The approved redevelopment plan includes 312 residential units, 523 self-storage lockers, ground-floor retail space, and amenity areas, creating a mixed-use urban residential asset in one of New England’s fastest-growing secondary markets. The property benefits from 20 parking spaces within the annex building and the opportunity to master lease approximately 300 structured parking spaces, providing significant parking capacity in a supply-constrained downtown market.
Extensive pre-development work and architectural planning have already been completed, and the building permit can be reactivated through payment of permit fees and contractor documentation, positioning the project for a streamlined path toward redevelopment. The development is further supported by an estimated $31.9 million incentive stack, including Federal Historic Tax Credits, Massachusetts Historic Tax Credits, HDIP incentives, and a 15-year Tax Increment Exemption (TIE) approved by the City of Worcester.
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Building Size
381,368 SF
Building Class
B
Year Built/Renovated
1895/1928
Tenancy
Multiple
Building Height
10 Stories
Typical Floor Size
38,137 SF
Slab To Slab
13’
Building FAR
7.44
Lot Size
1.18 AC
Opportunity Zone
Yes
Zoning
BG-6 - Conforming Mixed-Use
Parking
320 Spaces (0.84 Spaces per 1,000 SF Leased)
Amenities
- Property Manager on Site
Property Taxes
| Parcel Number | WORC-000003-000032-000021 | Improvements Assessment | $14,014,000 |
| Land Assessment | $165,000 | Total Assessment | $14,179,000 |
Property Taxes
Parcel Number
WORC-000003-000032-000021
Land Assessment
$165,000
Improvements Assessment
$14,014,000
Total Assessment
$14,179,000
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