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MassDevelopment Renovates 1550 Main
MassDevelopment has completed substantial renovations to 1550 Main Street in Springfield. The former federal courthouse has been converted into class A office space with numerous on-site amenities including a five-story atrium, revamped elevators, state-of-the-art security system, improved building entrances, new outdoor plaza, and perennial gardens. This premium office space now houses the main offices for the Springfield Public School Department, with Baystate Health due to move in later this spring.
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 1550 Main Street, Springfield
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Featured Property
The 2,200-square-foot Red Cross Building in Devens is located on .75 acres and is ideally suited for commercial/retail, office, or cultural/academic uses. The building offers eight free parking spaces, room for expansion, and is serviced by water, gas, electricity, and sewer. Devens also offers 75-day permitting. Neighbors include the Devens Grille, Springhill Suites by Marriott, Anytime Fitness, and other retail operations. As part of the Fort Devens Historic District, the building will also qualify for historic and abandoned building tax credits.
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 Red Cross Building, Devens
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Owned by MassDevelopment, this building is well-positioned for those who want to be located at the heart of a new community. Contact Mika Brewer at 978-784-2906.
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MassDevelopment Bond Used for Energy-Efficient Renovations
MassDevelopment issued a $10.8 million tax-exempt bond on behalf of Heritage 195 Pleasant Street LLC, which will use the proceeds to purchase and renovate The Heritage Apartments, an affordable housing community in Malden designed for seniors 62 and older. Renovations include the conversion of studio apartments into one-bedroom units with repaired balconies, upgraded energy-efficient heating system, new energy-efficient windows, Energy Star-rated refrigerators and stoves, and water-efficient plumbing fixtures.
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 Heritage Apartments, Malden
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The MassDevelopment bond will preserve 156 units of affordable housing for seniors earning less than 60 percent of area median income. Wainwright Bank purchased the bonds. In addition to the tax-exempt bond financing, MassDevelopment and the Department of Housing and Community Development approved an allocation of low income housing tax credits for The Heritage, which generated approximately $3.3 million in equity.
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American Meteorological Society Expands With MassDevelopment Bond
MassDevelopment issued a $5.5 million tax-exempt bond on behalf of the American Meteorological Society (AMS), a leading scientific and professional society for those involved in atmospheric and related oceanic and hydrologic sciences. The Society will use bond proceeds to purchase a building adjacent to its current headquarters in Boston's Beacon Hill neighborhood, providing additional office space. Webster Bank purchased the bond.
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 AMS headquarters, Boston
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Founded in 1919, AMS has a membership of more than 14,000 professionals, professors, students, and weather enthusiasts. It also publishes in print and online 10 scientific journals, sponsors and organizes more than a dozen scientific conferences a year, and offers scholarships and fellowships to students pursuing careers in the field.
To learn about other projects financed through MassDevelopment, visit www.massdevelopment.com/press-room.
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