Unum to rent in Worcester development
- |
Insurance giant Unum Group of Tennessee said it will lease 194,000 square feet in Building H, the first part of the massive CitySquare redevelopment in downtown Worcester.
Unum said it will relocate 700 workers from existing offices in Worcester. The new building is expected to be completed in about two years.
The lease is crucial because it will trigger the release of about $25 million in state funds that will be used to demolish the existing Worcester Commons mall. CitySquare is an effort to replace that failed development, which was begun in the 1960s and wiped out many blocks of historic buildings and paved over many downtown streets.
"The vision we established years ago, of taking down this old mall and rebuilding the streetscapes of downtown Worcester, now takes shape," said Lieutenant Governor Timothy P. Murray. As mayor of Worcester, Murray had pushed hard for the new project. This "will be the catalyst for the next great wave of growth and redevelopment for this city, and by extension, the region," he said.
The office building is just the first part of a project that developer Berkeley Investments says will include stores, apartments, theaters, and other uses. The project is expected to cost $564 million, including $94 million from public sources.
