bioready gateway cities 10/28/2009
DESCRIPTION
An overview of the benefits and unique opportunities that Massachusetts' Gateway Cities offer to the development of biotech and life science companies.TRANSCRIPT
Bio-Ready Gateway Cities
October 28, 2009
MassDevelopment (MDFA) 101
• State’s investment bank & development arm
• A quasi-public state finance and development authority, MDFA has 177 employees in eight offices, including ones in Fall River, Lawrence, Pittsfield, Springfield, and Worcester.
• MDFA offers customized financing & development solutions focusing on housing, job creation, real estate development, & urban revitalization.
Brockton• 21 miles from Boston, Brockton has
easy access to Routes 24, 495 and 95/128; 3 commuter rail stations; 43D approved buildings & developable lots of many sizes; water & sewer capacity; cadre of post-secondary educational institutions; and TIF agreements
• 14 MDFA projects since 2004 representing a $14.0 million investment
• $7.3 million bond deals with Pearlmart, manager of Kinneally Meats real estate
• 81.1% high-school graduate or higher• 12.1% unemployment
Fall River
• High-tech focused South Coast Research and Technology Park at upper left; new multimillion dollar MEDITECH building at upper right employs more than 300
• Fall River Industrial Park near Route 24• Waterfront development plans• UMass-Dartmouth and Bristol Community College offer
education and training assistance• 16 MDFA projects since 2004 representing a $28.2 million
investment• 66.2% high-school graduate or higher; 15.1% unemployment
Fitchburg• City has commuter rail, affordable
quality housing in attractive neighborhoods, available space near Route 2, state college, parks & trails through city & along Nashua River
• Key projects include 470 Main Street at upper left, a mixed-use housing development with Twin Cities CDC
• 6 MDFA transactions since 2004 representing a $4.7 million investment
• 80.9% high-school graduate or higher• 13.3% unemployment
Haverhill• Major developers - Beacon
Communities, EA Fish, & Forest City (lower right) - all work in City; Southwick Suits (recent Brooks Brothers acquisition) moving to Haverhill
• Commuter rail & Amtrak service• 16 MDFA deals, including
Cedar’s, since 2004 represent $65.9 million investment
• 89.1% high-school graduate or higher; 10.8% unemployment
Holyoke
• Available mill properties (Open Square in lower photo), cheap electricity, & great highway access
• High-Performance Computing Center coming to Holyoke
• 20 MDFA deals since 2004 represent $77.3 million investment
• 78.1% high-school graduate or higher
• 12.7% unemployment
Lawrence
• Key projects: Riverwalk, Union Crossing, and Washington Mills (upper left)
• Key transit connections: Great highway access and Patricia McGovern Transportation Center (upper right)
• 22 MDFA transactions since 2004 represent $35.5 million investment; MDFA opened Lawrence office in 2007 & hosted Developers’ Conference in 2008
• 63.5% high-school graduate or higher; 18.2% unemployment
Leominster• Regional retail hub +
development right off Route 2• City has flat tax single rate for
business/resident of $12.03• 40 Spruce Street (right) got
New Markets Tax Credit loan to buy & renovate key parcel in “Comb and Carriage” district
• 8 MDFA transactions since 2004 representing an investment of $3.6 million
• 84.6% high-school graduate or higher
• 12.0% unemployment
Leominster Avail Business Spacewww.leominsterproperties.info
Lowell
• Structured parking lots• 165 and 26 Jackson
Street (upper): 385,000 SF with housing & built-to-suit commercial
• Hamilton Canal District (lower): 2 million SF, 360,000+ SF commercial, 700 housing units, 50,000+ SF retail, $600-800M private investment
• 20 MDFA transactions since 2004 representing $40.4 million investment & 2009 Developers’Conference
• 77.1% high-school graduate or higher; 12.9% unemployment
New Bedford• Historic downtown, revived
waterfront development, largest port by dollar value of catch, infrastructure improvements, airport, successful business park, and affordable housing
• 27 MDFA projects since March 2004 representing an investment of $46.4 million
• MDFA hosted Developers’Conference in 2008
• 64.1% high-school grad or higher• 15.3% unemployment
Pittsfield• Urban center of the Berkshires• Diversified local economy powered by cultural-facility
investments in Colonial Theatre (upper right), Berkshire Museum, & Barrington Stage Company
• William Stanley Business Park– 52-acre redeveloped Brownfield opportunity concluding
final infrastructure work in preparation of actively marketing site– Campus-style office park
• LTI Smart Glass: specialized glass manufacturer received $5 million IDB, resulting in creation of 80+ jobs
• 19 MDFA projects since 2004 representing $18.0 million investment
• 87.5% high-school graduate or higher; 9.2% unemployment
Springfield
• Proximate to Boston and New York City & home to 4 colleges
• Court Square: historic building in city center with office, residential, retail potential
• MDFA purchase of GSA building will revive Main Street corridor
• 25 MDFA projects since 2004 represent $138.1M investment; 2008 Developer Conference
• 74.4% high-school graduate or higher
• 12.8% unemployment
Worcester
• City has growing, highly-educated population (grew more between 2000-2005 than any MA municipality other than Boston); air, bus, rail, and road transport options; 60+ cultural institutions; strong higher-ed institutions; purchasing power ($2.2 billion annual payroll); & available space for leading industries such as biotechnology.
• Blue Sky Biotech got Emerging Technology Fund loan• 72 MDFA transactions since 2004 representing $782.1
million• 2007 T&G op-ed: “Worcester set to be a driver of
Massachusetts’ economy”; 2009 Developers’ Conference• 83.5% high-school graduate or higher; 10.9% unemployment
800-445-8030 www.massdevelopment.com
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