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Berkadia has been exclusively retained to sell the development opportunity at 27 Chandler Street, a premier site located within a qualified opportunity zone in the heart of Worcester. Ownership is also open to exploring joint venture opportunities. This site encompasses 17,464 square feet of land area and offers significant development potential with a Floor Area Ratio (FAR) of 6.0 by right. The current ownership also holds the adjacent parking garage at 27 Austin Street and is open to an easement agreement, providing access to the garage’s 300 spaces. This arrangement facilitates maximizing density at the site without parking constraints, making it an attractive proposition for developers aiming to capitalize on Worcester’s burgeoning growth.
The site offers superb access to key employment centers, entertainment venues, and major transportation routes, including I-495 and the Mass Pike, facilitating connectivity to Boston’s Metro West suburbs. Residents will enjoy proximity to a diverse mix of restaurants, cafes, breweries, cultural attractions, and other lifestyle amenities, enhancing the site’s appeal.
This development opportunity at 27 Chandler Street represents a unique chance to create a high-quality residential project in a walkable urban location within a rapidly growing market.
EXECUTIVE SUMMARY
Worcester, MA 01609
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2025 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Sean Daly
781.990.1748
sean.daly@berkadia.com
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Jackie Meagher
781.990.0159
jackie.meagher@berkadia.com
MORTGAGE BANKING
Adam Dunn
617.648.4192
adam.dunn@berkadia.com MA RE Broker Lic #9553106
Charles Warley
617.648.4180
charles.warley@berkadia.com MA RE Salesperson Lic #9583724
Chris Phaneuf
617.648.4191
chris.phaneuf@berkadia.com
MA Principal Broker Lic #9032841
Adam Marzilli
617.648.4181
adam.marzilli@berkadia.com MA RE Salesperson Lic #9586683
INVESTMENT SALES
Boston Office
125 High Street, Suite 1712
Boston, MA 02110
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Investment highlights
Flexible Deal Structure
Location primed for growth in healthcare and biotech
Worcester is home to eight distinguished colleges and universities, with a combined regional enrollment of over 39,500 students, including nearby institutions. This concentration of academic excellence has cultivated a robust talent pipeline, driving significant job growth in the healthcare, biotechnology, and biomanufacturing sectors.
Significant cost savings compared to homeownership
Renters of Class-A properties in Downtown Worcester enjoy high-quality, amenitized luxury living with a wide array of walkable amenities. They benefit from significant cost savings compared to homeownership in the Worcester suburbs and larger metro areas like Boston, saving approximately $994 and $1,813 per month, respectively.
Walkable amenities in a vibrant urban location
Chandler Street is situated in a dynamic urban environment, surrounded by a diverse mix of restaurants, cafes, breweries, and entertainment venues. The site is just steps away from Shrewsbury Street, a renowned 1.5-mile stretch known as “Restaurant Row,” featuring over 60 dining and shopping options. Additionally, it is a 5-minute walk to the DCU center which hosts major concerts and sporting events. Polar Park is just a 15-minute walk from the property and is home to the Boston Red Sox Triple-A affiliate, WooSox.
15% rent growth amid new supply
Despite the influx of supply, Worcester Class-A properties achieved consistent rent growth while new entrants' supply came online. From 1Q 2022 to 1Q 2025, average effective rents have risen by 15%. This trend is expected to continue, with the potential for outsized rent growth beyond 2027 as new supply tapers off.
Worcester, MA 01609
Qualified Opportunity Zone
Significant Development Potential
No Parking Constraints
Worcester, MA 01609
Investment Highlights
Executive Summary