retail for lease 551 main street - loopnet · 2016-04-29 · • unum group - 214,000 sf building...
TRANSCRIPT
Retail for Lease
551 Main Street
CONTACT INFO:
Michael C. Jacobs 774.230.3448 [email protected]
The Ideal Restaurant Location
About The Hanover
What is The Hanover Theatre
The Hanover Theatre is:
• Located at 2 Southbridge Street in downtown Worcester — one block from City Hall.
• A 2,300-seat entertainment and cultural venue.
• Presents more than 180 events to more than 200,000 visitors annually.
Over the past three years, The Hanover has consistently ranked within the top 50 theatres worldwide by the international touring entertainment industry group Pollstar and has been an anchor for a major revitalization of downtown Worcester. The city has dubbed the 30 acres surrounding the theatre as Worcester’s “Theatre District.”
The theatre is committed to building on the positive changes and renewed excitement taking place for the theatre district initiative.
About The Hanover
Downtown Worcester is experiencing a cultural and economic transformation that is ushering in significant development activity on Main Street and core areas of the city. The Hanover Theatre has been the catalyst for this period of growth and is opening the door to exciting new possibilities for the city’s future.
The Hanover, located at 2 Southbridge Street, has purchased the abutting building at 551 Main Street to house the theatre’s offices and function space for pre- and post-performance events, educational and outreach programs.
The addtion of restaurants, cafes, bars and other eating establishments would greatly enhance the theatre district. This building is an ideal location for a destination restaurant.
The planned re-routing of the small section of Southbridge Street immediately in front of the theatre and 551 Main Street will transform Federal Square into a large pedestrian plaza facilitating outdoor restaurant seating during temperate months.
The Ideal Spot
About theLocation
• 7,000 +/- SF on ground floor
• 150 feet of glass storefront
• Faces Southbridge and Federal Streets, and the Federal Square park area
• Outdoor seating
• Subdividable space
• Private and municipal parking adjacent front and rear
About theThe Building
Proposed First Floor Plan7,000 SF+/- Subdividable
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The Neighborhood DCU Center
St. Vincent Hospital
Unum
100 Front Tower
New Public Parking Garage
120 Front Tower
Worcester Common
Worcester City Hall
Marriott AC Hotel(under construction)
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145 Front Street Complex(under construction)
Worcester Public Library
WRTA Bus Station/Intermodel Hub
Union Station
10 11 12 13
Front Street
Myrtle StreetMain Street
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54
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109
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SITE
Development Pipeline
Why Worcester
ECONOMIC DEVELOPMENT PROJECTS
Completed Projects:• Unum Group - 214,000 SF building• St. Vincent Cancer and Wellness Center - 66k SF building• Worcester Regional Transit Authority (WRTA) Hub• Portland Street Lofts - 110 units• 371-379 Main Street Lofts - 55 units• $30 million improvement to Digital Credit Union (DCU) Center• Healthcare and Workforce Dev. Center at QCC - 135K SF building• Voke Lofts - 84 units• CSX Intermodal Terminal• Volturno Pizza and Retail SpaceProjects Underway• City Square Underground parking garage - 550+ spaces• Junction Shop Lofts - 172 units• Hampton Inn - 100 rooms• MassDiGi New Ventures Center at Becker College• Residential complex in former Bradley-Osgood Building - 82 units• Mixed use development in former Courthouse - 115 residential units• Residential complex in former Central Building - 55 units• Classroom/Academic/Residential development in former Unum Bldg.• Marriott AC Hotel - 150+ rooms• Homewood Suites - 110 rooms• City Square Residential complex on Foster Street - 350 unitsProposed Projects• Retail space on Foster Street - 15K SF• Franklin Street Lofts - 600 units• Courthouse Lofts - 115 units• Apartments at former El Morocco/Wall Street - 60 units
Demographics andStatistics
Worcester, a five-time recipient of the All-American City Award, is located in the heart of the Commonwealth. It is the second largest city in New England and includes many world-class colleges and universities.
Between 2000 and 2010, Worcester experienced greater population growth than Boston and Massachusetts, and a higher rate of growth of familes than Boston and Massachusetts. During this same period, Worcester’s employment increased twice that of the state, and the number of households earning $75,000 or more per year grew by 66%.
With Worcester’s CitySquare and Gateway Park re-development projects underway, the city is on its way to becoming an “18-hour city” — a viable alternative to the big six*. The city’s close proximity to Boston makes it a prime investment alternative to the increasingly expensive Boston market with more than 14.4M SF of office space and only a 6.7% vacancy rate .
Worcester The All-American City
BY THE NUMBERS
• Population | 185,000 with 40% age 34 or younger
• Population within 75 mile radius 8+ million
• Median family income | $61,052
• 12 area colleges and universities more than 38,000 students
• 5,000+ businesses
• 20 round trip MBTA trains to Boston
• More than 2 million visitors annually
• 13,700-seat arena | 100,000 sq. ft exhibitor space
* Boston, Chicago, Los Angeles, New York, San Francisco, and Washington.
Demographics andStatistics
3 Mile 5 Mile 7 Mile
Population 154,075 230,301 288,419
No. of Households 57,850 87,340 109,517
Average Income $61,388 $69,717 $77,932
Average Daily Traffic (2001) -- 19,700
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Michael C.JacobsPrincipalNAI Glickman Kovago &Jacobso: (508) 753-9100 x229f: (508) 798-2738c: (774) 230-3448
Manage retail brokerage and development division withinthe firm. NAI Glickman Kovago & Jacobs is a full servicecommercial firm offering Brokerage, Property Managementand General Construction in all sectors of commercial realestate.
Scope of Responsibilities
Mike joined the firm as a broker in 2003 and becamepartner in 2007. He concentrated his efforts on the RetailIndustry and has been responsible for developing a RetailBrokerage and Development Program. Mike works withnational and regional clients on site selection throughoutNew England as well as Landlord Representation on retailprojects involving national tenancy. His primary focus is onlarge / small box retail brokerage and development and hewill manage the permitting process through completion ofentitlements.
Background & Experience
Professional Affiliations & DesignationsInternational Council of Shopping Centers (ICSC).Vistage International.
Assumption College - Business ManagementEducational Background
CVS, Cumberland Farms, McDonald's, BJ's Wholesale Club,Family Dollar and several regional retailers.
Strategic Clients
47 Harvard Street Worcester, MA +1 (508) 753-9100 www.glickmankovago.com
Michael C.JacobsPrincipalNAI Glickman Kovago & Jacobso: (508) 753 9100 x 229f: (508) 798 2738c: (774) 230 3448
Scope of ResponsibilitiesPeter’s primary function is managing the company’s day-to-day and long term business strategies. Currently his goal is to fully integrate and implement available NAI strategies and process-es within the company.
Peter also performs brokerage services, representing land-lords and tenants. His focus tends to be office and industrial, however Peter has comleted a number of investment and retail transactions.
Background & Experience Peter was formerly a commercial banker where he gained considerable knowledge in commercial real estate practices and investment real estate analysis. Former employers include Multi-Bank, Bank of Boston, USTrust and First Massachusetts Bank. His experience was heavily focused in Commercial Real Estate.
After banking Peter partnered with James Glickman and, with the help of the great brokers and staff, they created the only full service real estate company in Central Massachusetts. For many years Peter also ran the company's property manage-ment division while continuing to successfully broker commer-cial properties.
Educational Background Anna Maria College - Undergraduate. Majored in Finance with a minor in accounting.Nichols College MBABank of Boston - Commercial Lending Training Program
Glickman Kovago & Jacobs
ProfessionalProfile
PeterKovagoPrincipalNAI Glickman Kovago & Jacobso: (508) 753 9100 x 223f: (508) 519 8413c: (508) 847 6844
AboutOur Company
non-negotiableExperience and dedication are
Your business is our business. Personalized service and collaborative teamwork form the core of our philosophy.
At NAI Glickman Kovago & Jacobs, we acknowledge that every client faces a unique combination of business and real estate challenges. We make it our primary focus to understand your marketplace and the opportunities and challenges that you face on a regular basis. With this knowledge we are then able to propose real estate solutions that are aligned with your business objectives.
Our approach is consultative, working alongside and with you as one team. We aim to exceed your expectations, building a relationship based on trust with a common goal of long-term success in mind—not just the next transaction.
47 Harvard Street | Worcester, MA 01609508.753.9100
glickmankovago.com
Glickman Kovago & Jacobs