340 Main Street

JLL has been exclusively retained to present the opportunity to invest in 340 Main Street, a historic 333,302 SF, 9-story former office building in downtown Worcester, Massachusetts. Originally constructed in 1897 as home to the State Mutual Life Assurance Company of America, this architectural landmark designed by renowned firm Peabody and Stearns stands as Worcester's first skyscraper. The property is positioned for conversion to 312 residential units with 479 basement storage units accessible via the alleyway.

This premier investment opportunity sits in a federally approved Opportunity Zone with substantial tax incentives totaling approximately $28.7 million through HDIP and Federal and State Historic Tax Credits. The development-ready property includes 120+ parking spaces across two lots that can serve as parking or future development sites. With flexible BG-6 zoning allowing multiple uses including residential, retail, office, and storage, all necessary approvals are already in place, including historic designations and building permits, allowing the project to commence immediately.

Located in Worcester's urban core—an affordable alternative to Boston that has evolved into a thriving hub for medical and educational institutions—the project offers investors the chance to participate in the ongoing transformation of New England's second-largest city while preserving a significant piece of architectural heritage.