A 130,000-square-foot former federal courthouse-turned-office building in downtown Springfield was sold by MassDevelopment to a local developer in November after reaching 98-percent occupancy. Photo courtesy of MassDevelopment

At the intersection of public purpose and private investment is MassDevelopment. The quasi-state agency was formed in 1998 from a merger of the Government Land Bank and Massachusetts Industrial Finance Agency, bringing under one organization the development and finance tools needed to support the Massachusetts economy. 

Core to the MassDevelopment mission are three guiding principles: stimulate business, drive economic growth and help communities thrive across the commonwealth. We hold many superpowers in accomplishing this mission, including our range of financing products and real estate expertise. Yet, a key way we advance economic development stems from our land banking authority, which helps energize neighborhoods by bringing “stuck” properties back to life.  

As the commonwealth’s land bank, MassDevelopment is empowered to acquire, redevelop and sell federal, state and blighted properties in an effort to maximize job creation, expand the local tax base and increase the availability of housing in coordination with local economic priorities. We have a strong record of catalytic development projects that have converted underutilized buildings and parcels into revitalized downtown commercial and mixed-use buildings, office parks and housing. 

While our work spans the entire state, we place an emphasis on Massachusetts’ 26 Gateway Cities – former industrial centers that are home to diverse communities, businesses and institutions that anchor regional economies. As MassDevelopment looks to more aggressively embrace and utilize our land banking authority across Massachusetts for the benefit of residents and businesses, recent projects in Gateway Cities demonstrate our ability to reposition challenging properties to a point where private-sector investment is possible. 

Turnaround Story in Downtown Springfield  

In recent news, MassDevelopment announced the sale of 1550 MAIN in downtown Springfield to a pair of private local developers after 13 years of ownership. 

When MassDevelopment purchased this former courthouse from the federal government in 2009, the 130,000-square-foot building was only 70 percent occupied and in need of significant upgrades. Working with the community, we modernized and converted the property into a stunning, multi-tenant office building that is 98 percent occupied and meets the needs of Springfield today. Having served our role in this important downtown property and attracted a private buyer, we can redirect our attention elsewhere in the commonwealth. 

Land bank projects, such as 1550 MAIN, illustrate MassDevelopment’s partnership with municipalities in helping re-energize their downtowns. Our real estate team offers an array of services to support projects at every stage of development, from planning to redevelopment. We work at a wide range of scales to help communities, and the places they care about, flourish. 

Other recent projects include: the repositioning of a former pawn shop in Worcester on track to be sold for commercial development; a vacant parcel in New Bedford to be redeveloped for multifamily housing; and a former department store in Greenfield slated for a mixed-use affordable housing development. In all these instances, our land banking authority grants us the flexibility to buy and stabilize properties until the private market is willing and ready to step in. 

Tania Hartford

Not Just in Downtowns 

Not all of our land bank projects are in downtowns. In addition to our highly visible work in Devens, MassDevelopment has supported important industrial development in Gateway Cities. 

In 2012, we partnered with the Taunton Development Corp. to redevelop the former Paul A. Dever State School – a 220-acre site – by expanding the existing Myles Standish Industrial Park and developing a new business park. Today, with 1.3 million square feet in new development, the expansion has attracted businesses like Sullivan Tire, Maxon Precision Motor and Martignetti Cos., creating about 1,400 new jobs and $98 million in private investment for the community. 

In Gateway Cities and across the commonwealth, MassDevelopment puts our land banking authority to use wherever we can make a difference – to advance projects where, but for our assistance, meaningful, partnership-based economic development would not occur. Our ability to buy, redevelop and sell property is complemented by the totality of tools we offer and our team of professionals seated in regional offices around Massachusetts. Learn how we can help.  

Tania Hartford is MassDevelopment’s executive vice president of real estate.