The Menkiti Group Deepens Commitment to Worcester, Massachusetts with Grand Opening of 526-536 Main Street

Workbar Anchors Renovated Historic Ransom F. Taylor Block in Downtown Theatre District

WORCESTER, Mass., Dec. 12, 2024 /PRNewswire/ -- Yesterday, The Menkiti Group celebrated the grand opening of 526-536 Main Street, a transformative mixed-use redevelopment in Worcester's historic Theatre District. The restored building, historically known as the Ransom F. Taylor Block, now serves as a vibrant hub for office, commercial, and retail activity, marking a major milestone in The Menkiti Group's ongoing commitment to reinvigorating downtown Worcester and its Theatre District.

The ribbon-cutting ceremony brought together Worcester City Mayor Joseph M. Petty, Councilor Luis Ojeda, City Manager Eric D. Batista, and other city officials, along with community members and project partners. Attendees toured the building to see its thoughtfully designed spaces and joined in celebrating Workbar's new co-working community facility at 530 Main Street. 

"We are thrilled to welcome Workbar to the Theatre District and to showcase the transformation of this historic property," said Mark Rengel, Vice President of Development at The Menkiti Group. "The revitalization of 526-536 Main Street represents a key milestone in our commitment to creating vibrant, mixed-use spaces that honor Worcester's history while fostering its future growth."

"The revitalization of this building is a shining example of what can be achieved through public-private collaboration and thoughtful investment in our city's historic assets," said City Manager Eric D. Batista. "The Menkiti Group's commitment to Worcester and the Theatre District continues to bring energy, growth, and opportunity to downtown. With Workbar now calling this space home and more exciting developments on the way, this project further cements the Theatre District as a vibrant hub for businesses, residents, and visitors alike."

Workbar's premier coworking space is now open, offering a modern, collaborative workspace tailored to the evolving needs of entrepreneurs, remote workers, and businesses of all sizes. Located in the heart of downtown Worcester, the space adds innovation and connectivity to the Theatre District.

"Workbar is excited to officially join the Worcester community and bring our unique coworking to Main Street," said Sarah Travers, CEO of Workbar. "Our space at 530 Main Street reflects both the city's rich history and its bright future, and we look forward to contributing to the vibrancy of the Theatre District."

The redevelopment of 526-536 Main Street preserved the architectural integrity of the historic Ransom F. Taylor Block while incorporating modern features designed to attract diverse tenants. The project aligns with Worcester's Downtown Urban Revitalization Plan, further enhancing the Theatre District's role as a cultural and economic hub. Workbar will be joined by additional retail businesses, including Boston-based Alma Gaucha Prime Brazilian Steakhouse, which will open a new restaurant in the building's prime retail space at Main and Chatham, and Menkiti is seeing strong interest in the building's one remaining retail space. Through its placebased neighborhood-focused approach, The Menkiti Group prioritizes creating spaces that foster community connection and economic vitality, bringing renewed energy to the Theatre District and solidifying its reputation as a thriving destination for dining, working and cultural experiences. 

"This grand opening celebrates not just a building but also the partnerships and vision driving Worcester's renaissance," said Bo Menkiti, Founder and CEO of The Menkiti Group. "We are honored to welcome Workbar to the Theatre District and to continue contributing to the city's economic and cultural vibrancy."

MassDevelopment bought 526-536 Main Street, previously home to a pawn shop and checkcashing business, in 2017 through its Transformative Development Initiative (TDI) Equity Investment Program. After soliciting input from the City of Worcester and other stakeholders, MassDevelopment put out a Request for Proposals ("RFP") seeking developers of the property later that year, with the agency selecting the Menkiti Group to be the preferred developer for this project. As part of the redevelopment, the project also includes a maker space supported by a MassDevelopment Collaborative Workspace Program grant, further enriching opportunities for innovation and creativity in the city's downtown core. Financing was provided through loans from MassDevelopment and with New Markets Tax Credits provided by RBC Community Development and US Bank. Under the guidance of historic consultant, Epsilon Associates, the project received both Federal and State Historic Tax Credits and will soon be listed on the National Register of Historic Places.

"MassDevelopment congratulates The Menkiti Group on the transformation of 526-536 Main Street, which has breathed new life into an underutilized building and brought vibrancy and renewed activity to this part of downtown Worcester," said MassDevelopment President and CEO Navjeet Bal. "Putting this property on a path to redevelopment involved an extensive and collaborative effort across multiple divisions within our agency and with various local and private stakeholders. MassDevelopment is proud to see where the building started seven years ago and where it is today."

The project's design team was led by ZDS Architecture & Interiors in collaboration with Building Engineering Resources (MEP/FP), Graves Engineering (Civil), and Roome and Guarracino (Structural). EBI Consulting served as an environmental consultant and Klein Hornig LLP served as General Counsel. The Menkiti Group partnered for the second time with local General Contractor, R.P. Masiello, the builder responsible for the award-winning renovation of the former Worcester YWCA located directly across the street at 6 Chatham Street (Chatham Lofts). Ionic Development served as the Owner's Representative during construction.

The Menkiti Group's Worcester portfolio continues to expand, with 526-536 Main Street joining other key projects in the Theatre District, including 554 Main Street and 6 Chatham, and redevelopment of the former Denholm Building which was recently awarded to Menkiti by the Worcester Redevelopment Authority. Additionally, The Menkiti Group continues to make significant investments in 401-409 Main Street (formerly "Shacks Clothes") and 204 Main Street, which is scheduled for an adaptive residential reuse in 2025 with support from the State of Massachusetts. These projects underscore the company's long-term investment in Worcester.

ABOUT THE MENKITI GROUP

Founded in 2004, The Menkiti Group is a 100% minority-owned Certified Business Enterprise headquartered in Washington, DC, with offices in Worcester, Massachusetts. The organization was founded with the mission to transform lives, careers, and communities through real estate. The Menkiti Group is a double bottom line company, measuring success in terms of financial and positive social impact. The company's approach to urban neighborhood transformation and investment is centered upon residential and commercial development, residential sales, and commercial brokerage.

The Menkiti Group invests in abandoned and underutilized properties and transforms them into exciting and affordable homes, workspaces, community-servicing retail, and dining experiences. Projects range from single-family residential renovations to large-scale, mixed-use, transit-oriented development projects. Over the past 20 years, The Menkiti Group has invested over $290MM in emerging neighborhoods along the eastern seaboard with concentrations in DC and Worcester, MA. Menkiti also worked on the development of over 2.1MM SF of real estate, and has assisted over 2,000 families in purchasing their first homes. For more information, please visit MenkitiGroup.com or call (202) 733-5455.

SOURCE The Menkiti Group