$2.5M pays for renovations at Springfield Technology Park state offices
October 3, 2023 : MassLive, Jim Kinney
SPRINGFIELD — A $2.55 million MassDevelopment bond recently paid for renovations at Springfield Technology Park, spurring the creation of regional offices for a state agency, and now a new, reduced loan rate will lower the final bill for the site owner.
PeoplesBank recently bought the bonds from MassDevelopment, giving property owners Springfield Technical Community College Assistance Corp. a better interest rate on the deal, MassDevelopment said Wednesday in a statement.
The Massachusetts Department of Developmental Services relocated to the tech park on July 31, consolidating offices that were scattered around Springfield. Construction began in March and was completed in early July.
“This new DDS location in Springfield will enable our staff to meet with individuals and families we serve across the Central-West region, and helps us continue the important work of our agency — empowering individuals with intellectual and developmental disabilities to become meaningfully engaged members of their communities,” said department Commissioner Jane F. Ryder in a statement. “We’re thrilled to remain in Springfield at Technology Park.”
The building dates back to the 1940s and has been vacant since 2020.
Springfield Technical Community College and the Technology Park next door are the site of the former Springfield Armory, established in 1777 and closed in 1968.
Part of the armory is preserved as Springfield Armory National Historic Site and features the world’s largest collection of historic American firearms.
The Tech Park leases about 375,000 square feet from its side of the complex to a mix of tenants who employ about 800 workers.
MassDevelopment is the state’s development finance agency and land bank.