MassDevelopment

Our colleagues Katherine Martinez and Dottie Fulginiti celebrated progress this month with G{Code}, which is converting a vacant Victorian home and carriage house in Boston into a tech center and affordable housing. We are proud to support this project with an Underutilized Properties Program grant!

These state grants directly enhance our communities with new housing, shops, restaurants, workspaces, and other amenities in what were once underutilized or vacant buildings. MassDevelopment is proud to administer the Underutilized Properties Program on behalf of the Commonwealth and is grateful to the Healey-Driscoll Administration and Legislature for their continued support of this high-impact economic development tool.

This week, MassDevelopment issued a Request for Proposals (RFP) for consultant services to support the development of a master plan for an approximately 7,000-acre area at Joint Base Cape Cod (JBCC) to identify current and future spatial needs of the base and plan for the redevelopment of surplus property. The master plan will build on previous planning efforts, including the 2013 JBCC Master Coordination Plan, which MassDevelopment led in partnership with JBCC, and aims to address the regional housing shortage and grow the local economy while supporting JBCC’s goal to optimize its operational efficiency while enabling critical current missions and accommodating future needs. MassDevelopment is leading this initiative in partnership with the Massachusetts National Guard Adjutant General and JBCC, and in cooperation with the Massachusetts Military Asset and Security Strategy Task Force (MASS-TF), which it co-chairs. The Request for Proposals is available at: bit.ly/4aHD6ol. Responses are due February 7, 2025. Once selected, the consultant will engage in an anticipated two-year comprehensive planning process. The proposed scope of work includes the development of a robust community engagement strategy with multiple opportunities for public participation throughout the process. bit.ly/3VEXoKJ

A joy for our team to help cut the ribbon this week on 526-536 Main Street in Worcester, a formerly blighted building that has been redeveloped by The Menkiti Group and is now home to Workbar with a restaurant and more amenities on the way. Putting this property on a path to redevelopment involved an extensive and collaborative effort across multiple divisions within our agency and with various local and private stakeholders. This included identifying the opportunity through our on-the-ground community development work in this neighborhood, called the Transformative Development Initiative (TDI); buying the building and then working with the City and other stakeholders to select The Menkiti Group as the developer; readying the property for development and supporting its existing businesses; and ultimately delivering a financing package to facilitate the complete restoration and conversion of the building — including more than $6.9 million in loans as well as a grant from our Collaborative Workspace Program to support a makerspace on the basement level. MassDevelopment is proud to see where the building started seven years ago and where it is today!

Yesterday our Senior Vice President of Community Investment Eleni Varitimos joined Lawrence CommunityWorks, Inc. Executive Director and MassDevelopment Board member Jess Andors plus state and local leaders to celebrate the opening of the Armand Michael Hyatt Apartments and New Balance Foundation SquashBusters Center in Lawrence! This project has transformed a formerly blighted four-acre lot to offer 80 units of affordable rental housing and a state-of-the-art youth community center developed by SquashBusters. MassDevelopment was proud to support this revitalization effort with funding from our Brownfields Redevelopment Fund.

MassDevelopment was glad to join Team Massachusetts this morning to celebrate the signing of the Mass Leads Act! This legislation makes key investments to grow our economy and position our state for success.

MassDevelopment is hiring a Talent Acquisition Strategist. The Talent Acquisition Strategist will play a crucial role in our mission to support a diverse mix of talented individuals who are eager to join, stay, and excel at MassDevelopment. This is an exceptional opportunity for a Human Resources (HR) professional looking to deepen their skills and gain valuable experience in HR operations. The role will specialize in talent acquisition, onboarding, and developing strategies that enhance access and inclusion in the workplace. Learn more and apply: bit.ly/3KGjypS

In Attleboro’s Transformative Development Initiative (TDI) district, a blighted former mill and manufacturing facility has been converted by developer Jonathan Cozzens into The Jewel, featuring 43 new apartments. MassDevelopment was pleased to assist by partnering with HarborOne Bank to deliver $11.3 million in loan financing for this project!

MassDevelopment has issued a $16.5 million tax-exempt bond on behalf of Brimmer and May (Brimmer), an independent day school in Chestnut Hill serving students in prekindergarten through grade 12. Brimmer will use proceeds to demolish an outdated gymnasium on the school’s campus and in its place build a new approximately 26,000-square-foot recreation and wellness center that will feature a basketball gymnasium, classrooms, locker rooms, and nurse and trainer offices. The tax-exempt bond, purchased by 233 Genesee Street Corporation, a subsidiary of M&T Bank, helped Brimmer achieve a lower cost of capital. bit.ly/41osSbL

MassDevelopment has issued a $43,680,000 tax-exempt bond on behalf of Middlesex School, an independent secondary school in Concord for boarding and day students in grades 9-12. The school will use proceeds to build a new approximately 80,000-square-foot field house building featuring multi-purpose practice courts, an elevated indoor track, fitness center, spaces for meeting, wellness, and physical rehabilitation, locker rooms, and covered parking. The school will also use proceeds to resurface and restore two turf fields and fund several other capital improvement projects on its campus. The bonds were sold through a public offering underwritten by Stifel, Nicolaus & Company, Inc. bit.ly/4ieCM5v