MassDevelopment

About Us

As the Commonwealth’s economic development and finance agency, MassDevelopment is committed to achieving three goals: stimulating business, driving economic growth, and helping communities thrive across Massachusetts.

Highlights

  • Formed in 1998 from merger of Government Land Bank and Massachusetts Industrial Finance Agency
  • In 1996, the redevelopment of Fort Devens; today, Devens serves as the economic engine of north-central Massachusetts
  • Established by the Massachusetts Legislature in 1998 to encourage development in economically-distressed areas by providing loans and grants for environmental site assessments and cleanup, the Brownfields Redevelopment Fund, administered by MassDevelopment, has made nearly 700 awards to prepare hundreds of sites across Massachusetts for redevelopment resulting in more than 4,000 housing units and more than 2,700 jobs created
  • 100 Cambridge Street: closed in 1999 due to asbestos contamination, reopened in 2004 by MassDevelopment as a dynamic mixed-used building, and ground lease sold to Intercontinental Real Estate in 2015 with $90 million going back to the Commonwealth
  • Bristol-Myers Squibb: in 2006, BMS announced the largest capital project in company history with a major new biologics plant in Devens; plant opened in 2009 and expanded in 2016
  • The Cultural Facilities Fund, jointly administered by MassDevelopment and the Massachusetts Cultural Council, was created as part of a major economic stimulus bill in 2006, and has made nearly $92 million in investments in the Massachusetts creative sector for projects in 125 cities and towns to date
  • Worcester’s Gateway Park: MassDevelopment helped revitalize this property into a Worcester Polytechnic Institute life sciences center/high-tech business hub assembling parcels of land for redevelopment, awarding two brownfields loans, developing a master plan, and assisting with property redevelopment through loans
  • In 2010, the Massachusetts Health and Educational Facilities Authority was merged into MassDevelopment, strengthening the depth of offerings for tax-exempt bond financing of capital projects
  • AMP it up! initiative launched in 2013 to help young people and their adult influencers access information and resources about highly skilled, well-paying manufacturing jobs in Massachusetts; four rounds of grants for regional partnerships have since given thousands of young people insights into exciting manufacturing careers
  • In 2014, MassDevelopment launched the Transformative Development Initiative to provide enhanced real estate and technical services to Gateway Cities to aid their economic redevelopment efforts; MassDevelopment has hired six Fellows to work in Brockton, Haverhill, Lynn, New Bedford, Pittsfield, and Springfield, and has made its first TDI Equity Investment in 8-12 Stearns Square in Springfield
  • The Massachusetts Innovation Bridge, a partnership with The MITRE Corporation that began in 2016, connects local businesses, nonprofits, and academic institutions with federal business opportunities
  • Commonwealth Places, launched in 2016, is a creative crowdfunding program to advance community placemaking projects in Massachusetts; MassDevelopment matches funding if project reaches its goal