MassDevelopment has launched a new initiative in partnership with the state agency in charge of surplus properties to identify multiple new projects to turn over for private redevelopment, according Marty Jones, MassDevelopment’s new CEO.
The announcement came during Jones’ first public event as head of the quasi-public economic development organization that was created by the state Legislature in 1998.
While she did not offer more details, Jones said she hopes to work with the Division of Capital Asset Management (DCAM) to choose property for private development within the next few months.
However, she did outline some other surplus properties that MassDevelopment has had a hand in. The group purchased outright a former federal courthouse at 1550 Main St. in Springfield. Jones said no one knew what to do with the downtown, 130,000-square-foot property, so MassDevelopment bought it, performed exterior renovations and created a plaza for community gatherings. It is now almost fully leased with just 4,000 square feet remaining.
She also delved into the redevelopment of Fort Devens, where 7,000 jobs and an annual payroll of $178 million was lost when the base was closed. There is now an annual payroll of $220 million for more than 70 companies in about 4.5 million square feet of office and light industrial space.
While there is still ample land available for development at Devens, Jones reassured the crowd it is not for lack of a speedy permitting process. When Bristol-Myers Squibb wanted to build a 1.5 million-square-foot facility, they were permitted in less than 50 days, Jones said. And they’re beginning the first phase of construction with a 300,000-square-foot addition this fall, she added.
Priorities going forward include helping the state’s new Economic Development Planning Council advance its efforts to educate workers in gateway cities like Lawrence and Methuen and help them gain job skills
"Personally, I want to figure out a way to move past doing just one deal at a time," she said of MassDevelopment’s approach to redevelopment in cities and towns across the commonwealth. "If we’re going into communities, we need to think about how to connect the dots and use investment to leverage additional work in the community."
