One Exchange Place

CMK Development Partners has started construction for an exciting mixed-use development at One Exchange Place in downtown Worcester.

 

This historic building is a former local courthouse, police station, and fire station. It is located in a prime location, adjacent to the city’s convention center, and in the heart of downtown, where millions of dollars of new investment have taken place, and where the vacancy rate for apartments is less than 2%.

 

The redevelopment will include the complete restoration of the building, and will result in the development of 44 residential units and 6,000 square feet of commercial space. Twenty percent (20%) of the residential units will be affordably priced.

 

There will be 3,000 square feet of amenity space, inclusive of a fitness center, a business center, and outdoor courtyard space. The project will receive $5.8M in state and federal tax credits.

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Additional financing for construction and bridging has been provided by Westfield Bank, and permanent financing is being provided by Prudential through Freddie Mac. 

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All local approvals have been granted, and a building permit has been approved. Construction has begun in begun as of January 2026.