Annual Reports
Letter from the Chair & President
Dear Friends and Partners,
We are honored to welcome you to the 60th Annual Meeting of the Worcester Business Development Corporation (WBDC), held at the historic John W. Higgins Armory. This venue holds deep meaning for our organization. Established in 1931 by the son of Milton Price Higgins—one of Norton Company’s original five owners—the Armory connects us to our roots. Norton Company, in fact, donated the land that became the Higgins Industrial Park, the WBDC’s very first official project in 1966. Now, 60 years later, we’ve come full circle as we return to this very campus for our most ambitious initiative to date: GreenTech Park.
GREENDALE REVITALIZATION INITIATIVE
In 2024, the transformation of the former Norton Company site into GreenTech Park continued at full speed. Nearly 100% of the above-ground structures in Quadrants 1 and 2 have been demolished and removed, and work in Quadrant 3 began in August. In November, we had the privilege of hosting Governor Healey, who chose GreenTech Park to announce $161 million in economic development investments through the Community One Stop for Growth program. The WBDC remains committed to securing forward-thinking developers and end users who share our vision for a thriving, innovative-driven future. Staying true to our mission, the WBDC’s work extends beyond the park, uplifting the broader Greendale community by launching the Greendale Revitalization Initiative.
THE REACTORY
We’re proud to have completed the permanent entrance signage at The Reactory, officially welcoming tenants and visitors. We are also developing a dedication space to honor those whose efforts made this project possible. WuXi Biologics, the park’s anchor tenant, continues progress on its $300 million facility, scheduled to open mid-2026.
THEATRE DISTRICT
20 Franklin Street continues to be a hub for creativity and entrepreneurship. Small businesses and innovators thrive at the Idea Lab, while consulting services from the Massachusetts Small Business Development Center support business growth throughout downtown Worcester. Meanwhile, the vibrant arts and culture scene, led by the JMAC and Hanover Theatre, continues to energize the District. Alongside Quinsigamond Community College, we remain committed to downtown Worcester that is lively, dense, and dynamic—an 18-hour city in every sense.
504 LOAN PROGRAM
In 2024, the SBA 504 Loan Program funded 7 new loans totaling $9.4 million and approved 6 additional loans totaling $4.6 million, resulting in $48,729,374 million in new private investment across our region. Through partnerships with BDC Capital and local banks, we continue our deep focus on Worcester County’s small business sector. Today, we’re especially proud to recognize Concierge Physical Therapy with the SBA Highlight Award for its commitment to job creation and economic growth.
REGIONAL DEVELOPMENT
Our regional work remains strong. We continue supporting Franklin Realty Advisors in transforming Southbridge’s former American Optical site into a significant mixed-use development that will provide both jobs and affordable housing. Additionally, we are working with the United Way of Tri-County on the relocation of WHEAT Community Connections in downtown Clinton, and with Fitchburg State University on revitalizing the Theater District Block.
As we look back on our 60-year history and celebrate the accomplishments of 2024, we extend our heartfelt thanks to our exceptional and dedicated team. Their work drives the WBDC’s ongoing leadership in regional economic development.
Finally, we are grateful to you—our partners, stakeholders, and community leaders—for entrusting us with your visions and joining us in building a stronger, more resilient Central Massachusetts.
Sincerely,
Robert J. Morton Craig L. Blais
Chair President