The SRA acquired the properties out of foreclosure in October, 2021. The SRA’s interest in acquiring the properties was to stem the tide of speculative ownership interest and disinvestment in these significant properties at one of the most prominent intersections in the city; State Street and Main Street and surrounding MGM Springfield. Thus, giving the City/SRA the opportunity to determine the future ownership of the buildings and to ensure that their redevelopment is consistent with the goals and objectives of the City’s master planning work to date.
The SRA waited to put the properties out to the market until the impacts of COVID-19 pandemic had moderated. The SRA held an invitation “kick off” to the development community in February 2023, for this important redevelopment opportunity, the gateway to downtown, anchored by downtown’s largest economic anchors the MassMutual Center and MGM Springfield.
A developers pre-proposal meeting was held on March 2nd, which included a walking tour highlighting many of the economic advancements and public improvements progressing in the area immediately surrounding the properties.
Mayor Sarno states, “I want to commend CDO Tim Sheehan and SRA Executive Director Amanda Pham and their respect teams for their efforts throughout this important economic development process. To have five high quality local, regional and national developers express this level of interest in undertaking the redevelopment of these significant properties is tremendous. The City and SRA’s engagement with the local and regional development community around these important properties has been strategic, organized and effective. I look forward to this process advancing through to the selection of preferred developer for the three buildings and the repositioning of the properties into highly activated development that is conducive and beneficial to the needs of our downtown, Main Street Convention Center District, South End and Armoury Quadrangle neighborhoods.”
“I am very encouraged by the wealth of knowledge and support shown by the interested developers throughout this process, so far. The development community has clearly embraced this unique redevelopment opportunity to be part of Springfield’s ongoing downtown momentum. I look forward to reviewing the submissions and advancing a short list to the part-two/formal proposal phase,” said SRA Executive Director, Amanda Pham.
Final proposal submissions and recommendation of a preferred developer is anticipated by Summer 2023.
The SRA was established to assist the City in creating development opportunities that stimulate economic development and to provide the foundations for enhanced economic activity within its Urban Renewal Plan Areas. The City worked with the SRA in acquiring the properties which are identified as priority sites in the City’s Main Street and Convention District Master Development Plan and the Court Square Urban Renewal Plan because of their significance and ability to positively shift the economic trajectory of the area and surrounding businesses. Both the referenced planning documents and their stated objectives were approved by the City Council.
“My administration stands ready to work with a creative and qualified development team that can see the development opportunities that these properties have and their potential for creating a more unified and cohesive South Main Street District. My goal is to create more synergy and involvement with MGM Springfield to create street and sidewalk activation not only to the MassMutual Center but just as important, a promenade ‘avenue’ into our South End business district to experience the Italian-American delicacies day and night. In doing so, we will be attracting more businesses, more residents, more visitors and more of that good four-letter word – JOBS!” said Mayor Sarno.