Broadway Hospitality Group is targeting next spring for the opening of a two-story indoor/outdoor restaurant with rooftop bar adjacent to the Mercantile Center Garage. A $4.2 million purchase and construction financing agreement was established between Webster Five Bank and 2 Mercantile LLC, it was announced recently.
The restaurant industry has been hit particularly hard during the COVID-19 pandemic – according to the National Restaurant Association, the industry could lose as much as $240 billion by year’s end – but that has not deterred the Broadway Hospitality Group, which is enthusiastic about the new downtown eatery and joining Worcester’s restaurant scene.
“Everything is going according to plan for us,” Stephen DeSousa, CEO of Broadway Hospitality Group, said Wednesday. “We haven’t pushed anything back. We continue to work on it behind the scenes. We’re hoping for an early spring opening if everything goes as planned. We’re looking to start constructing possibly in September-October, and we think it will be about a six-month project, right in time for spring, and hopefully (the pandemic) will be past us. We’re pretty positive that it will be and we’re moving forward.”
"Under the terms of the loan, Webster Five will provide the construction financing for the building core and shell and for the utility infrastructure with the tenant, Broadway Hospitality Group," said Charles “Chip” Norton, owner of 2 Mercantile LLC, in a recent statement.
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