Annual Report



We are pleased to report in 2018 that our projects continue to progress and we remain on mission.


We continue to work with the City of Worcester by expanding our investment in 20 Franklin Street, the Theatre District, and completing a new housing and retail redevelopment of the Central Building at 332 Main Street. We are working block by block on connecting the successful CitySquare project to Main Street. We took a giant step in this area with the City and State’s approval of a formal Business Improvement District (BID) and continued to assist in the repositioning of Mercantile Center. We are proud to spotlight the BID and honor its largest contributor Charles F. “Chip” Norton Jr. with the Robert S. Bowditch Economic Development Award.


We will continue to expand our Brownfields efforts working in partnership with the Chamber of Commerce to identify and create “pad ready” industrial sites. This will continue to be important as we diversify our tax base.


Our largest project in 2018 continues to be the development of a new Biomanufacturing Park in Worcester. We continued to complete the permitting, infrastructure and demolition with the announcement of a major grant from the Baker/Polito Administration. Negotiations progressed in 2018 with WuXi as our first tenant in the park with a projected groundbreaking in 2019.


We thank our supporters in the federal, state and local governments. We continue to value our partnerships with Congressman McGovern, the Baker/Polito Administration and City Manager Augustus.


Finally, we will continue our successful SBA 504 Loan Program, lending critical capital to small businesses in Worcester County with our partners at BDC Capital. We will continue to work closely with our clients to advance their projects at Mercantile Center and the Southbridge Innovation Center, Fitchburg State University’s Theater Block Program, as well as our dedicated involvement with the City, MBI, and the Chamber of Commerce with the very successful Economic Development Coordinating Council (EDCC). We look forward to another great year in 2019 by expanding the tax base and creating more jobs for the people of Central Massachusetts.



Jill C. Dagilis


Craig L. Blais

President CEO