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MassDevelopment Brownfields Loan Supports Mixed-Use Redevelopment Project in Dracut
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Project Will Result in Creation of 20 Jobs December 14, 2005 Contact: Adam Bickelman, 617-330-2086 MassDevelopment today announced a $400,000 loan from the agency's Brownfields Redevelopment Fund for FKBE I, LLC, the developer of a former wool mill complex located on the corner of Lakeview Avenue and Mill Street in Dracut. The complex consists of several buildings, the larger of which will be converted into 47 rental housing units, while the remaining 100,000 square feet of space will be renovated for commercial use. Developers are hosting a groundbreaking today at the site of the future Beaver Brook Village, and anticipate the creation of 20 jobs through new companies locating at the development. "The Brownfields Redevelopment Fund facilitates the reuse of former industrial and commercial sites that were abandoned due to environmental contamination," said Robert L. Culver, MassDevelopment president/CEO. "This program has helped hundreds of projects statewide, and it is an invaluable resource that leverages $42 in private investment for every $1 spent. These projects are a perfect example of how site remediation can result in the creation of new housing units to alleviate pressure on the Commonwealth's overburdened housing stock." The Brownfields Redevelopment Fund supports Massachusetts projects through site assessment awards and remediation fund loans. Brownfields are vacant or underutilized industrial or commercial properties with real or perceived contamination problems that discourage redevelopment. In the five years since the fund's establishment, MassDevelopment has provided more than $30 million in financing for 400 projects in 90 communities statewide, resulting in the creation of 4,483 new housing units and 3,250 jobs. "The public-private partnership created between the Town of Dracut, the Massachusetts Housing Investment Corporation (MHIC), MassDevelopment and Sovereign Bank will change the entire character of this neighborhood, and revitalize these historic buildings into a real benefit for the region," said Frank J. Gorman of FKBE I, LLC, the owner/developer of Beaver Brook Village. "The Brownfields Redevelopment Fund not only supports the environment through reuse before new use, it also supports local communities by bringing new jobs, housing development and reinvestment to these reclaimed sites," said Vivien Li, chairperson of the Brownfields Advisory Group and executive director of The Boston Harbor Association. MassDevelopment, he state's finance and development authority, works with businesses, financial institutions and local officials to stimulate economic growth across the Commonwealth. In fiscal year 2005, MassDevelopment financed or managed 158 projects statewide representing an investment of nearly $1.9 billion in the Massachusetts economy. These projects are supporting the creation of 2,769 housing units and more than 9,800 jobs: 4,702 permanent and 5,100 in construction.
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