2nd Quarter Update 2022

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MG2 is welcoming a busy second quarter of 2022, despite changing market conditions. With a total of 14 transactions amounting to $34,500,000 of acquisitions and dispositions, including condo unit sales.
We are looking forward to continued success in the remaining half of this year!Q1 (1)

Turning long-vacant building into luxury apartments in Worcester

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“Eight freshly renovated one-bedroom, one-bathroom apartments will open to new tenants next month in what was once a long-vacant building steps from City Hall and Worcester Common — the latest in a series of transformations spurring the downtown renaissance.

 The red brick façade of 517 Main St. sits sandwiched between the Great Wall Chinese restaurant and the tall corner building at the intersection of Franklin and Main streets. Its interior has undergone major changes under Grid Management, which is leasing the new units.

Property Manager Scott Johnson called the building “just a shell” when the management group acquired the property. It rises five stories tall with a commercial space at street level. Now, it is a “luxury apartment building” with rents priced at $1,750 per month.

“We framed it, built it out and everything is brand new,” said Johnson, who oversees the management group’s Worcester portfolio consisting of eight buildings with 549 units in total.

The ground level previously housed a MetroPCS store, that was moved to a commercial space in the neighboring building Johnson said. The upper levels sat vacant and unused for “quite some time” according to Johnson, though he could not give an exact amount of time. Some of the upper floors also had boarded windows in archived Google Street View images.”

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New Condo in Pre-Sale

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The beautiful new construction at 277 Border St. in East Boston will be home to 18 luxury condos, including two units that fall under Boston’s Inclusionary Development Policy.

 

Each unit features a private outdoor space, Quartz Countertops, slab cabinetry, matte black fixtures, and stainless appliances. In addition to the 18 condos, we will be adding a commercial space to ground floor of the building, helping the East Boston neighborhood continue to grow. Additional details and pre-sale information can be found by clicking the link below.

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2-10 Maverick Square

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We are adding to our East Boston portfolio.

MG2 Group has begun construction on our newest boutique build located at 2-10 Maverick Square, right in the heart of Maverick Square. This building will host 25 residential units, including 3 units that will be designated affordable units under Boston’s IDP, all which will have beautiful panoramic views of Downtown Boston and Boston Harbor. 2-10 Maverick Square will also include two signature retail spaces to help liven the Maverick Square area.

Continue to follow us for more details of the positive impacts this project will have for the East Boston community.

Downtown Worcester Business Improvement District Enlivens Storefronts with Local Art

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Release Date: May 17, 2022

Media Contact: Evelyn Darling, Executive Director

 

WORCESTER, MA – The Downtown Worcester Business Improvement District (BID) selected two local artists to bring new vibrancy to windows on Portland and Salem Streets in Downtown Worcester. The Worcester-based artists were selected for the BID’s call for art with the theme “Through the Glass” to create engaging window displays that enhance the pedestrian experience in the Downtown area. Both artists chose handcrafted butterflies to reflect the transformative power of change. Through physical improvements and activities, the BID has prioritized local art in its placemaking efforts to establish Downtown Worcester as a vibrant destination.

 

“Art engages people and brings increased activity to an area,” notes Evelyn Darling, Executive Director of the BID. “We are excited to work with local artists Sharinna Travieso and Amanda Santerre on this installment of our storefront activation program, which makes such a positive impact in our Downtown. Each window brings a sense of innovation and imagination.”

 

“Kaleidoscope is an installation about togetherness,” says artist Amanda Santerre. “The butterflies are a visual representation of what is capable when we come together as a community.” Santerre involved the Worcester community in sourcing the colorful butterflies for the display, provided free materials for anyone wanting to participate, and coordinated with three local businesses, C.C. Lowell Art Supply, Burncoat Center for Arts and Wellness, and Tidepool Books, to serve as drop-off points. This effort was so successful that each butterfly was created by a different person. Santerre remarked, “Within the hundreds of butterflies, each one is unique, and they represent coming together and creating the strong community that I believe Worcester has.”

 

Sharinna Travieso says her piece, titled Butterfly Effect, is inspired by her love for nature and passion to create eco-friendly art that stimulates the community. “For those who look through the glass, this piece is a reminder that even the smallest changes we make can affect who we are and how we overcome our fears and doubts, which appear smaller the higher we rise above them. From afar, you see a word surrounded by floating colors, but up close the butterflies serve as a delicate reminder of the beauty of life and nature.”

 

The art installations will be on display through the summer in two storefronts in the Portland on The Grid complex that spans Portland and Salem Streets. MG2 Group, the building’s owner, agreed to provide access to its empty storefront windows at 26 Portland Street. The Salem Street location is being hosted by the organization BAMSI’s (Brockton Area Multi-Services, Inc.) New Start Brain Injury Community Center at 15 Salem Street. Each storefront is illuminated at night, providing continual access to these colorful window displays and creating a new visual experience for those living, working, and visiting Downtown Worcester.

 

“We’re pleased to be hosting Downtown Worcester BID’s latest storefront art installation,” notes The Grid’s property manager Scott Johnson. “These windows will enliven the Downtown experience not only for our own residents but for everyone working, visiting, or living here, while also showcasing local artists. We’re grateful for the opportunity to support the BID’s ongoing placemaking efforts.”

 

This year’s window display initiative is the latest installment of the BID’s storefront activation program. In the spring of 2021, the BID worked with five different artists/artist groups who responded to a call for art titled “Downtown Reemerging” to create window displays in vacant storefronts at 526 Main Street and 403 Main Street. In the fall of 2020, the BID worked with The Menkiti Group and several local artists to install a multi-faceted art exhibit in the storefront windows at 554 Main Street.

 

This window display project is supported, in part, by a grant from the Worcester Arts Council, a local agency, which is supported by the Mass Cultural Council, a state agency.

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About Downtown Worcester Business Improvement District

Downtown Worcester Business Improvement District is a non-profit organization established in 2018 to sustain momentum in the heart of Downtown Worcester. The result of a comprehensive community-based effort, the organization represents the owners of 140 properties and seeks to create a unique sense of place through enhanced investment and development, establishing and sustaining a vibrant, welcoming, and economically viable district for all.

Downtown Worcester Business Improvement District | 44 Portland Street, Suite 508, Worcester, MA 01608

 

Portland St. RISE artPortland St. RISE art logo

Worcester Beer Garden Reopening

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The Worcester Beer Garden, operated by Grid Hospitality an affiliate of MG2 Group, will be reopening from winter hiatus tomorrow! The Worcester Beer Garden is located in the Grid District and is looking forward to returning to the Downtown Worcester location.

The new GM Andrea Dunne states in the following article: “We’re happy to be a part of what’s happening in downtown Worcester,” she said. “The growth and rejuvenation is fantastic and we’re really proud and happy to be part of that”. Click the link below to read more about the live music, 35+ beers on tap, and other additions to the Worcester Beer Garden this year.

https://lnkd.in/gdx72Vx3

2022 First Quarter activity update

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MG2 had a busy start to the year. Finalizing 19 transactions across acquisitions, dispositions and financing activity that totaled nearly $50,000,000. We are very happy with our strong start to the year and look forward to continued growth for the remainder of 2022.

Q1 update

 

Grid Worcester Above 98% Occupancy

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With seven buildings and over 500 residential units Grid Management, our property management team for the Grid District in Worcester, deserves recognition. In April the Grid District will be over 98% occupancy, including four of the buildings hitting 100% occupancy.

Great job Grid Management Worcester! As Downtown Worcester continues to thrive, MG2 is looking towards the future and our footprint in the area. Continue to follow us for updates and announcements!

One52 Now Leasing

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At MG2, we realize the potential in areas such as East Boston and Worcester and have proven our ability to grow and develop in these neighborhoods. MG2 works as a vertically integrated company and specializes in controlling costs in all aspects of real-estate investments, from managing construction with Alaris Construction to property management with Grid Management. We are continuing to grow our East Boston portfolio and are excited to announce the start of leasing at our boutique rental building at 152 Liverpool St.

One52 features 24 units, 3 of which are designated as affordable under the City’s Inclusionary Development Policy. The units have high-end finishes such as quartz countertops, stainless steel appliances, flat-paneled cabinets, and glass frameless showers. The quality craftsmanship and contemporary design showcase the skill of Alaris Construction and their dedication to even the smallest of details.

MG2 remains committed to enhancing the sense of neighborhood with our buildings so we’ve included a 1,185 square foot retail space that would be great for a café or boutique retail.

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95 Prescott: The Bearing

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We’ve expanded our footprint from Downtown Worcester to Gateway Park via our building 95 Prescott: The Bearing. The City of Worcester is becoming a hub for startup businesses and this building has office space, flex space and private garage bays. We are now leasing spaces and helping achieve the City’s goal of growing and retaining businesses.

With a combination of modern, industrial and exposed brick and beam interior finishes, the opportunity for these spaces is endless. Perfect for industrial, offices, retail space, and warehouse tenants, with easy access to the highway and public transportation. We envision tenants taking advantage of the close proximity to hotels and conference centers and hospitals. Along with the great location, 95 Prescott includes onsite parking. We’re excited to add new and updated commercial space to Worcester.

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