1.

Healthcare Hub in Downtown

With Mass College of Pharmacy and Health Services (MCPHS) on Foster street and now the announcement of Boston Developers transforming three buildings in the front street area for UMass Medical, there will be a plethora of medical students and professionals in downtown.  500 Medical techies being located at 100 Front Street will transform the vibe and energy in the core area of the City.

UMass Medical today employs over 9,500 throughout there system. The opportunity for the area to continue to grow is immense. 

The UMass Medical assets exceed $2.1 billion.

2.

Physically Connecting the Assets

One of the biggest challenges for Worcester is that many of its nicest assets (business areas, residential neighborhood, tourist destinations) are removed from one another. In Boston you can run along the Charles for miles or walk from one great neighborhood to another.

In Providence, you can walk from Brown University to Federal Hill thru Waterplace and by the Providence Place Mall.  

Today, more urban residents want to be able to walk or bike to work. They want to leave their condo or apartment and grab coffee and head to work. They want to live an urban experience. 

In Worcester, Holy Cross is isolated from Clark from WPI form the restaurants on Shrewsbury Street - you would never think to walk or bike from any of these assets. 

If Worcester can connect the proverbial dots - it will be a major step in the advancement in the city from also run to premier city.

3.

Colleges, Colleges and More Colleges

Most great cities have an energy and vibe driven by young people. College students are a component to the formula. With 9 colleges and universities and more than 35,000 students during the school year, Worcester has had an amazing and under utilized asset.

The challenge and opportunity is to tap the energy and economic impact of the students. Walk down Main Street between the Hanover Theater and the Court House and it is difficult to see any sign that there are any college students in the city.

You might see a rogue white physician’s coat of a MCPHS student who parked in the wrong parking lot, but there is no sign of Holy Cross, Clark, Assumption, etc.

The opportunity is for the colleges and the universities to work with developers and the city to transform the under utilized buildings of Main Street into apartments, condos, shops, restaurants, and university out posts.  The opportunity is awaiting to be tapped — all the assets are in place.

4.

Innovation and Startup Culture

Tied to having the energy of students is also creating an environment for young professionals working and bringing energy to mature companies and a dynamic start-up community fueled by new ideas.  Boston is a leader in the world in this space due to the ability to harness MIT and Harvard.

Worcester has its own resources - tied to the Universities. Worcester can leap forward by tapping into this energy.

WPI is beginning the process that could transform the city. 

Trustees Mike Aspinwall, Jim Baum and Andy Aberdale; have joined up with venture capitalist, Tripp Peake, creating a WPI fund.
It is managed out of the Office of Intellectual Property and Innovation at WPI and provides investments of up to $50,000 “into ideas that have a clear commercial pathway.”  The goal of the investment is to provide enough of a proof of concept that the project will be attractive to seed rounds of investment.

5.

Cheap

The cost of Worcester is now a fraction of Boston and significantly less than even Providence for real estate.

The cost of office space is 70% less than similar space in Boston and 30% less than similar space in Providence.

For residential living, a spectacular historic home is a pristine neighborhood can be purchased for $500,000. 

In contrast, a one bedroom condo can cost significantly more in Boston.