MassDevelopment Offers to Purchase 1550 Main St. in Springfield

July 16, 2009

Contacts:
Mark Sternman, MassDevelopment, 617-330-2034

MassDevelopment signed an Offer to Purchase 1550 Main Street in downtown Springfield from the U.S. General Services Administration (GSA) and gave the GSA a $250,000 deposit for the building.

“The participation of the City, Baystate Medical, and the Commonwealth represents a great example of how a public-private partnership can further advance Springfield’s revitalization,” said Robert L. Culver, MassDevelopment President and CEO. “We look forward to continuing to work with Representative Neal, the Patrick Administration, and Mayor Sarno on making downtown Springfield an attractive business destination for employers and employees alike.”

MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions, and local officials to stimulate economic growth across the Commonwealth. During FY2008, MassDevelopment financed or managed 265 projects statewide representing an investment of more than $3 billion in the Massachusetts economy. These projects are supporting the creation of 4,001 housing units and more than 10,384 jobs: 5,424 permanent and 4,960 construction-related.