Jim Umphrey - Worcester City Square Project

Rotary Rocket, 13 May, 2010 Meeting Opening invocation by Dan Vinton; opening song by Chet Caswell, with President Jay presiding. Visiting Rotarian Dick Nevers was with us again, and special guest Jim Umphrey was introduced. More about him later. Announcements: Word is that Val Callahan is back from Korea and she has a group of visiting Rotarians in tow. So that we can all meet them, Val has arranged a luncheon at the Worcester Technical High School Friday, June 4. If you'd like to attend, contact Bob Johnson. Chet Caswell reported that roadside cleanup was accomplished last week with Skip Hall and Bob Johnson assisting Chet. Happy Dollars revealed many, many accomplishments by talented grandchildren. Chet returned to the podium to introduce today's speaker, Jim Umphrey. He's with Kelleher and Sadowsky. He gave the Club a comprehensive report on the state of commercial development in Worcester. He's pretty upbeat on future prospects and past developments in the city. He said that Worcester is successfully making the transition from an industrial base to one anchored in service and research. A major driving force in this shift has been the Medical School and the associated medical facilities and services and research. Though real estate occupancy rates and prices have fallen along the I-495 corridor, prices have risen in the Worcester market. Supply and demand at work! Owners in Worcester are not likely to drop their prices as demand for space continues to grow. To give some dimension to the impact of the presence, there are now 20-thousand jobs there, and revenues are $2.2 billion. An additional $800 million is generated by the Medical School. Jim also commented on the UNUM commitment to City Square, and on Hanover's role in the development of the project. He was also bullish about the Massachusetts College of Pharmacy' purchase of the Crown Plaza property and the planned expansion of the school downtown. In conclusion, Jim noted that the proposed expansion of the CSX freight/container facility on the East Side will make Worcester the largest inland port that the company has.