Property Sale & Development - 26 Claridge Drive / E.D.

This contract concerns the sale and subsequent affordable‑housing development of a 10,000‑sq‑ft parcel at 26 Claridge Drive in Worcester, MA. The City of Worcester is disposing of the property “as‑is” and will award it to the highest compliant bidder, who must then develop a single‑family home that remains owner‑occupied and affordable for 30 years. The developer assumes all costs, including title work, environmental remediation, permits, and construction, and must commence work within 30 days of permit issuance and complete the project within 30 months, otherwise the property reverts to the City. The awardee, Goventures Capital Group, submitted a bid of $90,000, meeting the minimum $85,000 threshold, and provided the required 10 % bid security. • Minimum purchase price: $85,000; highest compliant bid awarded. • Development covenant: 30‑year affordability, owner‑occupancy, ≤ 80 % AMI, resale price capped at city median. • Timeline: bid deadline 24 Apr 2024; construction must start within 30 days of permit and finish within 30 months of conveyance.