Mayor Domenic J. Sarno announced today that terms for an agreement providing financial resources and expertise to facilitate the redevelopment of the property located at 3-7 Elm Street and 13-31 Elm Street (collectively, the “Elm Street Project”) by Winn Development, LLC and OPAL Real Estate Group, LLC as co-developers (the “Elm Street Developers”) should be announced in the very near future.
MGM Springfield is obligated to develop and construct, among other obligations, at least 54 new, market rate higher end upscale urban apartment units within ½ mile of the boundaries of the Project Site.
The Elm Street Project will include 60 market rate upscale apartment units, 14 workforce apartments and approximately 12,000 square feet of first floor retail. It is expected that the redevelopment will be conducted in a manner to preserve the historic and aesthetic elements of the property and create an attractive, friendly and inviting environment within the City’s downtown.
Mayor Sarno stated, “First off, I’d like to again thank the developers, MGM, Governor Charlie Baker, my city team, City Councilor Michael Fenton as Chair of the Casino Oversight Committee, and everyone who has been involved throughout this process and who have tirelessly worked to make sure this project moved forward towards an agreement which is agreeable and beneficial for all parties. After much discussion with all of the stakeholders, I am pleased to be able to finally announce that we have reached terms for an agreement and the documents for a cooperative funding agreement are in their final stages of review for signature.”
A proposed Amendment to the City Host Agreement will be presented to the City Council at the City’s Casino Oversight Committee on February 11, 2020, and the plan is to have complete details in front of the Council for approval shortly thereafter.
“The Elm Street Project will not only provide market rate housing, as stipulated under the host agreement with MGM, but will also provide yet another major economic development project for our city that will complete our Court Square redevelopment thanks to the residential and retail components and the increased attractiveness of the Court Square area.” Mayor Sarno adds, “My administration will continue to have ‘a can do attitude’. This pivotal project adds to the list of projects that naysayers said would never happen in Springfield.”