SPRINGFIELD, Mass. (WWLP) – The City of Springfield announced Tuesday their plans to buy several properties on State, Main, and Stockbridge Streets utilizing funds from the American Rescue Plan Act for “Economic Redevelopment.”
The announcement comes from a statement published by both the city and the Springfield Redevelopment Authority (SRA).
The properties in question are 113-115 State Street, 1139-1155 Main Street and 11-21 Stockbridge Street. In 2019, the properties were put under the control of Freedom Credit Union. Mayor Sarno and Chief Development Officer Sheehan contacted Freedom Credit Union to discuss plans to acquire the properties for redevelopment out of concerns that potential investors would not invest in the properties.
“I want to thank CAFO TJ Plante, CDO Tim Sheehan and his team, especially Armando Feliciano Chairman of the SRA Board and all of the SRA Board members for their efforts in moving this vital economic and redevelopment initiative forward. This investment will greatly benefit my administrations vision of enhancing our downtown district and ensures that that these key properties will not be underutilized or underdeveloped by questionable investors who would have no intentions of properly investing in our City and finding appropriate tenants for this prime real estate area.”Mayor Sarno
Throughout 2020, the City conducted extensive research on the buildings and in May 2020 signed the letter of intent to acquire the properties. In June, the SRA approved the purchase and sale agreement, and in July 2020, the agreement was executed. Currently, the city is in a 90-day grace period prior to closing. The SRA will be the owner on record for these properties.
“The City / SRA’s proactive acquisition of these properties has thwarted the adverse impacts of further speculative investment in the real estate surrounding MGM-Springfield from occurring. Going forward the City / SRA will ensure that these important properties will be reintroduced to the market in a manner consistent with their importance to the economic vitality of the area immediately surrounding the casino and the development objectives of the Main Street & Convention Center Master Plan as approved by the City Council.”Chief Development Officer Tim Sheehan
The City and SRA will spend $2.75 million on the multiple properties. The properties had been listed for $5 million. 113-115 State Street was built in 1903, 1139-1155 Main Street was built in 1905, and 11-21 Stockbridge Street was built in 1962.