WORCESTER, Mass. - Clark University has purchased a 7.3-acre parcel at the corner of Park Avenue and Maywood Street.
The site was the former home of Diamond Chevrolet and has been vacant since 2010. The property is made up of two lots at 520 Park Ave and 111 Maywood St.
Clark paid $6.95 million for the two lots. City records show the properties have an assessed valued of a combined $3.3 million.
Pamela Massad was listed as trustee and owner of the Park Ave. property and the Maywood St. property was owned by Jerak Realty, Inc., according to City records.
“For Clark, this land represents an extraordinary opportunity to further imagine our institutional presence within Worcester while offering space we currently do not have but need in order to enhance our campus experience for our students,” President David Fithian said. “We also see this as an important opportunity to work with community and city leaders on a project that could have benefits for many.”
According to the school, the property has undergone a lengthy environmental review and has completed all legal and regulatory processes. Clark is considering several options for use of the property as including an athletics and wellness facility, academic space, and student housing.
Fithian said the purchase will help the university to realize some of its aspirations for enhanced student life.
“At Clark we are working to draw on a culture of possibility in all that we do, and in what we aspire to do,” President Fithian said. “Today, the margins of possibility have widened. I am thrilled with the potential that this acquisition offers and am excited to work with our students, faculty, and staff and our neighbors to plan for the future.”
The city of Worcester collected just over $97,000 in property taxes in 2020 on the Park Ave lot. It has an assessed value of $2.763 million. The Maywood Street lot has an assessed value of $564,700 and the City collected $20,212 in property taxes in 2020.
