8-12 Stearns Square, Springfield
In November 2015, MassDevelopment purchased the former Skyplex building at 8-12 Stearns Square in downtown Springfield and established a partnership with the Springfield Business Improvement District to help to revitalize the area. This investment through the Transformative Development Initiative program targets a building at the heart of Springfield’s TDI District, an area undergoing significant public and private investment complemented by nearby efforts such as the renovation of Union Station.
MassDevelopment bought the building for $600,000, and the Springfield BID will invest in enhanced programming and promotion for the District. Additionally, the City of Springfield is working to upgrade Stearns Square Park. The TDI Partnership (consisting of the City, Develop Springfield, Massachusetts Mutual Life Insurance Company, and the BID) supports increased programming in the Square and the surrounding area. MassDevelopment expects to recruit users that align with the TDI Partnership’s shared goal for a revived Springfield Dining District. The redevelopment planning of the building will start immediately, and the TDI Partnership is already working on a retail/commercial market implementation strategy under the TDI Technical Assistance program. Laura Masulis, Springfield's TDI Fellow, is working closely with the Partnership to implement this strategy.
MassDevelopment plans to make repairs, recruit tenants, and explore further capital improvements. The facility will have up to three leasable spaces, and potential business opportunities including pop-up retail or cafés. The Springfield TDI District is home to 1550 Main Street (which MassDevelopment purchased in 2009 and has redeveloped for public and private tenants), SilverBrick Lofts, Valley Venture Mentors, the Springfield Innovation Center, Union Station, and restaurants that anchored the original dining district.
For more information, contact:
Senior Vice President Real Estate