MassDevelopment

MassDevelopment Provides $287,000 for Real Estate Projects Across Massachusetts

May 24, 2018


FOR IMMEDIATE RELEASE

Contact:
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
kabbruzzese@massdevelopment.com

MassDevelopment today announced up to $287,000 in funding for nine projects through its real estate services program. Under this program, the Agency works with municipal officials, planners, local stakeholders, and others across the Commonwealth to provide technical assistance to address site-specific and district-wide economic development challenges. The funds will support a range of projects, from feasibility studies to master planning efforts.

“MassDevelopment’s core mission is to help Massachusetts communities thrive, and we are pleased to provide funding for real estate services to support this work,” said MassDevelopment President and CEO Lauren Liss. “These nine projects will allow municipalities to research the development potential of properties in their downtowns, explore infrastructure solutions, and bring to life the economic development visions of our cities and towns.”

The 2018 awardees are:

Town of Acton, Route 27 Town-Owned Parcel
The Town of Acton will use this award to determine the feasibility of building a boutique hotel and restaurant on a 4.5-acre property on Route 27 adjacent to the Kelley’s Corner commercial zone.

Towns of Amesbury, Dedham, and Plymouth
The Towns of Amesbury, Dedham, and Plymouth will use this award to determine the feasibility of District Improvement Financing (DIF) and, if applicable, move forward with DIF adoption. The work in each of these municipalities will inform a “How-To” guide for use by municipalities throughout the state as they consider various infrastructure financing alternatives.

Town of Barnstable, Hyannis Transportation Center
The Town of Barnstable will use this award to advance a 2013 transit-oriented development master plan study, which had laid groundwork for revitalizing 11 acres of underused land at Hyannis Transportation Center. The study will include the identification of viable market uses and financing strategies as well as urban design, wayfinding and public realm improvements to make better connections between the ferry, the downtown, and this area.

City of Medford, Medford Square
The City of Medford will use this award to explore the redevelopment potential of three publicly-owned parking lots in the downtown area. The City would like to encourage mixed-use development and catalyze private investment.

Town of Millville, Local Priority Development Area
The Town of Millville will use this award to research development opportunities for several town-owned, town center parcels. These sites are part of the local priority development area, as defined in work with the Central Massachusetts Regional Planning Commission. This award will include the Town’s participation in an Urban Land Institute Technical Assistance Panel.

Town of Northbridge, Main Street and Route 146
The Town of Northbridge will use this award to research development opportunities for a 4.3-acre privately-owned 43D site, comprised of four separately owned parcels at the intersection of Main Street and Route 146. This work will include the town’s participation in an Urban Land Institute Technical Assistance Panel.

Town of Randolph, Crawford Square
The Town of Randolph will use this award to launch efforts to increase economic development opportunities in Randolph’s downtown area. Those efforts include a mix of small retail and housing. The Town will begin its project with an Urban Land Institute Technical Assistance Panel to compile a comprehensive range of potential downtown revitalization strategies.

Town of Shirley, Shirley Village Business District
The Town of Shirley will use this award to research an empty lot in the Shirley Village Business District to understand existing opportunities and constraints on the property, helping determine future development potential.

City of Westfield, Elm Street Urban Renewal Plan
The City of Westfield will use this award to advance the development of a mixed-use building on Elm Street. MassDevelopment will provide the City with test fit and pro forma work for the development of the site.

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2017, MassDevelopment financed or managed 377 projects generating investment of more than $4.3 billion in the Massachusetts economy. These projects are projected to create about 9,488 jobs and build or rehabilitate 1,863 residential units.