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Downtown Worcester Luxury Building Fills Up

Aug 9, 2019 | Reprints | Unlock Link

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Leasing at downtown Worcester’s first luxury apartment complex has stabilized and the large project has filled up.

According to second-quarter financial statements from Mack-Cali Realty Corp., parent company of Roseland Residential, which owns 145 Front St., occupancy stabilized during the second quarter at 99.5 percent.

The 365-unit, $97 million rental complex was delivered in the second quarter of last year as part of the $565 million CitySquare project. Mack-Cali’s second quarter report noted a stabilized net operating income of $5.9 million from the project, or $3.5 million after debt service.

The Worcester Business Journal was the first to report the announcement, adding that the company had used promotions including two months’ free rent to secure tenants.

B&T Daily