MassDevelopment Provides $310,000 for Real Estate Projects Across Massachusetts
December 7, 2020
FOR IMMEDIATE RELEASE
Kelsey Schiller, MassDevelopment, 617-694-9695 (cell)
MassDevelopment has awarded up to $310,000 in funding for nine cities and towns through its Real Estate Technical Assistance program. Through a combination of in-house expertise and contracts with consultants, under this program MassDevelopment works with municipal officials, planners, local stakeholders, and others to address site-specific and district-wide economic development challenges. The technical assistance funds will support a range of projects, from feasibility studies to master planning efforts.
“As outlined in Partnerships for Recovery, our plan to stabilize and grow the Commonweath’s economy, the Baker-Polito Administration is committed to building vibrant communities and revitalizing Main Streets across the state,” said Housing and Economic Development Secretary Mike Kennealy. “Along with MassWorks, the Brownfields Redevelopment Fund, Site Readiness Program, and others, MassDevelopment’s Real Estate Technical Assistance program is another source of funding communities can tap into to achieve their economic development goals.”
“As the state’s finance and development agency, it is our mission to help communities across Massachusetts thrive,” said MassDevelopment President and CEO Lauren Liss. “Our Real Estate Technical Assistance program is an important way we can support cities and towns in their efforts to address development challenges, further attract investment, and advance smart growth.”
Created in 2017, MassDevelopment’s Real Estate Technical Assistance program has awarded $942,000 to help 26 communities advance their economic development goals through 27 projects. MassDevelopment announced the opening of the FY21 round in August 2020. Eligible organizations could apply for awards ranging from approximately $5,000 to $50,000.
Town of Ashburnham, 17 Central Street Redevelopment
The Town of Ashburnham seeks to relocate its Department of Public Works (DPW) office out of an aging building in its downtown. This award will help the town prepare a fiscal impact analysis on the relocation and an existing conditions analysis of the former DPW site.
Town of Falmouth, Falmouth Transit Center Master Plan
The Falmouth Economic Development and Industrial Corporation (FEDIC) will use this award to prepare a comprehensive transit-oriented master plan for Falmouth Station, a busy transit hub that serves regional workers and visitors.
Town of Foxborough, Walnut Street Housing
The Town of Foxborough will use this award to develop and issue a Request for Proposals to solicit bids for the development of an affordable senior housing facility on Walnut Street.
Town of Medfield, Medfield State Hospital Reuse
The Town of Medfield will use this award to prepare a Request for Proposals, evaluate responses, and select a developer for the redevelopment of the former Medfield State Hospital.
Town of Montague, 11 Power Street Redevelopment Feasibility
The Town of Montague will use this award to prepare the former Griswold Cotton Mill at 11 Power Street for redevelopment. Funds will be used to assess site conditions and prepare development scenarios to make the site market ready.
City of North Adams, Heritage State Park Redevelopment Feasibility
The City of North Adams will use this award to prepare redevelopment scenarios and a financial feasibility study to preserve the Freight Yard Historic District located within the city’s Heritage State Park.
Town of North Andover, Route 125 Corridor Study
The Town of North Andover will use this award to examine Route 125's existing conditions, zoning, tax base and land uses, and physical environment; conduct a public outreach and engagement process to identify a future vision and goals for the corridor; and provide a set of actionable recommendations for enhancements to zoning, the physical environment, and other elements. Findings from the study will help the town capitalize on the arrival of a 3.8 million-square-foot Amazon warehouse and distribution facility at Osgood Landing, new housing and commercial facilities that have recently been constructed at 1210 Osgood Street, and an extension of sewer service that will be installed along the corridor from Sutton Street to the Haverhill border.
Town of Reading, Business Improvement District
The Town of Reading will use this award to establish a Business Improvement District, which will encompass the town’s Downtown 40R Smart Growth District and Eastern Gateway District to further bolster economic development.
Town of Somerset, Wilbur Avenue Development
The Town of Somerset will use this award to determine the development potential and compatible uses for a 98-acre town-owned parcel on Wilbur Avenue.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2020, MassDevelopment financed or managed 341 projects generating investment of more than $2.69 billion in the Massachusetts economy. These projects are estimated to create or support 10,871 jobs and build or preserve 1,787 housing units.