New apartment complex to be constructed in Worcester
GoVenture Capital Group, LLC, will be building an apartment complex with 364 units on Franklin Street in Worcester.
It will be partnering with The Michaels Organization of Camden, New Jersey to build the project and is requesting a tax break worth $11.3m over 15 years for the development. The project is expected to cost $130m to build.
The tax break will enable the property owner to pay between 20% and 50% of the taxes owed over a period of 15 years beginning in 2027. This will enable an exemption of $11.3m while still paying $6.4m in property taxes.
Of the total number of units, 36 units with one bedroom will be aside for people making less than 60% of the median income in the area. The rental price for these units will be $1,243 per month. The rest of the units will be made up of 44 units with two bedrooms, 181 units with one bedroom, and 109 studios, with monthly rents ranging from $1,900 to $2,350. Local print shops often take advantage of brochure printing to provide more details and information about such developments, their features, and amenities.
The Michaels Organization is the investment partner of GoVenture and will build and operate the development.
Construction on the project is expected to begin next month and be completed within two years.
It will be partnering with The Michaels Organization of Camden, New Jersey to build the project and is requesting a tax break worth $11.3m over 15 years for the development. The project is expected to cost $130m to build.
The tax break will enable the property owner to pay between 20% and 50% of the taxes owed over a period of 15 years beginning in 2027. This will enable an exemption of $11.3m while still paying $6.4m in property taxes.
Of the total number of units, 36 units with one bedroom will be aside for people making less than 60% of the median income in the area. The rental price for these units will be $1,243 per month. The rest of the units will be made up of 44 units with two bedrooms, 181 units with one bedroom, and 109 studios, with monthly rents ranging from $1,900 to $2,350. Local print shops often take advantage of brochure printing to provide more details and information about such developments, their features, and amenities.
The Michaels Organization is the investment partner of GoVenture and will build and operate the development.
Construction on the project is expected to begin next month and be completed within two years.