MassDevelopment

Congratulations to developers Zoila Gomez and Rafael Ruiz, who cut the ribbon last week on a mixed-use redevelopment at 286 Essex St. in Lawrence, now home to the Gomez & Martinez law offices and 10 upper-floor apartments! We were proud to support this project with a loan guarantee and Transformative Development Initiative (TDI) Equity Investment grant.

MassDevelopment has issued a $105,820,000 tax-exempt bond on behalf of the President and Trustees of Williams College. The organization will use bond proceeds to finance several projects on the college’s campus, including (1) building and equipping a new art museum and multipurpose recreation center, (2) implementing the college’s energy and carbon master plan, (3) renovating and equipping dormitories and dining facilities, (4) reimbursing the college for costs incurred to build and equip the Davis Center, and (5) completing other miscellaneous capital projects. The bonds were sold through a public offering with Goldman Sachs & Co. LLC serving as lead underwriter and B of A Securities, Inc. and Samuel A. Ramirez & Co., Inc. serving as co-managers. bit.ly/4e04DD7

C.C. Lowell Art Supply Co. is hosting an "Art Market at Peace Park" in the Worcester Transformative Development Initiative (TDI) District tomorrow, October 26, which is supported by TDI Fellow Ivette Olmeda and TDI Local funding! Enjoy music and food, shop for local art, and trade in your own art supplies and equipment. 🎨

Last weekend the Hyannis Main Street Business Improvement District (BID), Town of Barnstable, and Barnstable Transformative Development Initiative (TDI) Partnership hosted “Build Your Block: A Seat at the Table,” an event where community members came together to visualize and share their ideas about the future of downtown Hyannis.

Congratulations to this year’s Community One Stop for Growth recipients! Our team administers five of the One Stop programs on behalf of the Commonwealth, identifying the best opportunities to overcome barriers to development and drive progress in our cities and towns. Whether through a funding grant or technical assistance, these awards will create tangible impacts for Massachusetts in the form of new housing, new jobs, and more vibrant neighborhoods.

Today, the LISC Massachusetts team is heading to Lowell for the second site tour of Gateway cities. We've partnered with MassDevelopment and their Transformative Development Initiative (TDI) Fellows to host our team for day-long neighborhood walking tours of the TDI districts in each city and conversations with key community leaders. Follow us on Instagram (@liscmassachusetts) for updates while we’re out on the road. 

It was a beautiful autumn day in Amherst on Friday as we joined Mass Cultural Council, Senator Jo Comerford, Representative Mindy Domb, and other leaders to announce $2.6 million in grants from the Cultural Facilities Fund for 17 nonprofit and municipal cultural organizations, including our host, The Eric Carle Museum of Picture Book Art! At the event, MassDevelopment Deputy Director and Senior Executive Vice President Marcos Marrero described how the Cultural Facilities Fund strengthens Massachusetts' competitive edge by investing in places where people love to spend time — our museums, theaters, historical sites, and more. The FY25 Cultural Facilities Fund grant cycle is now OPEN! Nonprofits, municipalities, and colleges with cultural facilities seeking capital or planning assistance are encouraged to apply before the December 19, 2024 deadline. Learn more: bit.ly/3A8760r

MassDevelopment has issued $45 million in tax-exempt bonds on behalf of BC Leefort Terrace LLC, an affiliate of Beacon Communities LLC, which is using proceeds to redevelop the outdated Leefort Terrace housing development in Salem built in 1958 containing 50 garden-style one-bedroom units across eight buildings. The company secured a 99-year ground lease from Salem Housing Authority for the property, demolished the existing buildings, and is building a new three- and four-story, 124-unit affordable rental housing facility in their place. Beacon Communities created a for-profit affiliate, BC Leefort Terrace LLC, for the purpose of facilitating this tax-exempt bond financing. The tax-exempt bonds, purchased by Citizens and Eastern Bank, helped BC Leefort Terrace LLC achieve a lower cost of capital; Massachusetts Housing Partnership will assume the Citizens bond and provide long-term fixed-rate financing for the project upon construction completion. Construction began June 2024 and is expected to be completed May 2026. In addition to the tax-exempt bonds, MassDevelopment assisted the Massachusetts Executive Office of Housing and Livable Communities with the approval of federal low-income housing tax credits that will provide approximately $29.2 million in equity for the project. bit.ly/403vWcs

Congratulations to Creative Hub Worcester for breaking ground last week on the new Community Arts Center, which will transform the historic former Ionic Ave Boys Club building into a hub for emerging and established artists! MassDevelopment Deputy Director and Senior Executive Vice President Marcos Marrero spoke about our support for this center, from a loan to secure the building to grants from the Underutilized Properties Program, Transformative Development Initiative (TDI) Equity Investment, Cultural Facilities Fund, and Collaborative Workspace Program.

MassDevelopment is hiring a Project Engineer. The Project Engineer will manage projects from conception to completion, with direct oversight of consultants and contractors for the preparation of detailed construction bid documents. The Project Engineer will manage the bidding process for construction and Requests for Quotations (RFQs) for consulting services. This role involves overseeing project activities and coordinating with stakeholders to ensure timelines and budgets are met. Additional responsibilities include conducting site visits, inspections, and ensuring compliance with safety regulations and quality standards. The ideal candidate will have strong problem-solving skills and a proactive project management approach. Learn more and apply: bit.ly/3KGjypS