WORCESTER—Charles “Chip” Norton, Jr., a major player in Worcester’s real estate scene, has filed for Chapter 7 bankruptcy, according to court documents obtained by the Worcester Business Journal.
Norton, Jr. is a prominent developer and managing director of Franklin Realty Advisors LLC.
Active in the industry since 1983, Norton founded Franklin Realty Advisors in 2000 and is known for his work on major projects such as the Mercantile Center, Worcester Business Center, and Southbridge Innovation Center. He specializes in public-private partnerships and historic preservation, playing a key role in revitalizing downtown Worcester.
Norton has also been recognized for supporting community initiatives, including providing space for a COVID-19 testing site and backing local organizations.
The Chapter 7 filing lists personal debts totaling $1.69 million, but creditors claim his liabilities, tied to multiple properties including the iconic Mercantile Center, approach $70 million.
The bankruptcy petition lists more than 150 creditors, including local financial institutions such as Cornerstone Bank and Country Bank, as well as state agencies including MassDevelopment. Norton reportedly owes over $500,000 to the Internal Revenue Service and more than $200,000 to the Massachusetts Department of Revenue.
While details about Norton’s current role in Franklin Realty Advisors, the firm associated with many of his projects, have not been publicly confirmed, ongoing bankruptcy proceedings and legal actions raise questions about the future management and ownership of key Worcester properties, including the Mercantile Center.
As this is an evolving story, we are monitoring developments and will update as more information becomes available.
