Over the past decade the firm has assembled over 5 acres of land in downtown Worcester within a master planned development area. Today the dozens of properties in this portfolio comprise almost 475 residential units and 45,000 square feet of retail space with the potential to develop up to 350,000 additional square feet.
The existing assets consist of high and low-rise buildings that have either been renovated or significantly redeveloped over time with significant investment in upgraded infrastructure and mechanicals as well as cosmetics. Among the portfolio are Bancroft Commons, a historic hotel purchased in 2004 and renovated in 2006, and the Portland Street Lofts, which were built by the firm in 2011.
As Worcester has continued to grow and attract universities to the area, the firm is well positioned to capitalize on student housing and parking constraints, while it looks ahead to transforming this area. MG2 is in the process of master planning its parcels and repositioning the portfolio to take advantage of the new student inflow.
The successful completion The Grid played a masterful role in the revitalization of this vibrant neighborhood and Downtown Worcester. The Grid District not only included renovations to over 500 residential units cross 5 buildings, but also created a central gathering hub located in The Bancroft Building. With over 15,000 sf of amenity and lounge spaces, this provides a relaxing and welcoming environment for all Grid residents.
The establishment of The Grid has set up a solid basis for the next phase of the revitalization of Worcester.
MG2 thrives on identifying and investing in up and coming urban areas. Over the past few years East Boston has been a location of expansive growth and investment. MG2 has made several acquisitions ranging from existing three-family buildings to larger parcels such as 60 Border Street along the waterfront.
The team recognizes the potential of the area and has committed to a number of redevelopments in the neighborhood over the coming years. As others invest in the area and the City continues to push for its revitalization, MG2 will play a prime role in that story.
Attracted to Lynn by the proximity and access to Boston and lower purchase prices, the firm has made significant investments in the City over the past decade. 23 Central Avenue is an iconic Flatiron building in the city center just blocks from the commuter rail stop thus presenting a prime redevelopment opportunity. The eight-story building was purchased in June 2014 for $2.0 Million and has undergone a gut renovation while the exterior has been restored to its 1914 glory.
Utilizing historical tax credits as well as tax increment financing from the State and City, this former office building has been converted into 49 apartment units with approximately 3,800 square feet of ground floor retail and 13 surface parking spots. The $11.3 Million project targets young, urban professionals priced out of downtown Boston through its mix of studios, one and two-bedroom units.
As a testament to MG2’s foresight for the area, in the fall of 2015 Governor Baker’s Economic Development Secretary announced the State’s belief that it is “Lynn’s time.” The State recognizes the City’s potential and is focused on its revitalization. Once again the firm proved to be a trailblazer into an undervalued area with immense possibilities.
Bank owned, vacant, and sitting on the market due to structural concerns, 51 Sleeper Street was in the heart of the then emerging Seaport District of Boston. The MG2 team saw an opportunity and leveraged its in-house construction expertise to perform its own evaluation and quickly put structural concerns to rest.
After purchasing the building in 2005, it underwent extensive cosmetic upgrades, which attracted top tier tenants and allowed the company to reposition 51 Sleeper in a short amount of time. The firm quickly increased occupancy by 85 percent by leasing the first, second, and third floors of the building to The United Way of Massachusetts Bay (UWMB) as the anchor tenant of the site. Other tenants included prominent architecture firm Bergmeyer and Avalon Bay Communities as well as MG2 headquarters.
In 2007, a New York investment group made an unsolicited offer to purchase the 8-story building for 300 percent of the price it was bought for in 2005.
The Abbott is a boutique luxury condo building on the corner of Marlborough and Exeter Streets. Ideally situated in one of the nicest neighborhoods the Back Bay has to offer, The Abbott consists of 8 luxury condos made up of two, three and four bed floor plans. This complete restoration of a 1872 Back Bay Brownstone features silestone quartz countertops, 5 inch hardwood floors throughout, Wolf + Sub-Zero Appliances, metropolitan shaker cabinets and Brizo fixtures as well as luxurious master and common bathroom finishes and fixtures.