BioReady Gateway Cities 10/28/2009

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An overview of the benefits and unique opportunities that Massachusetts' Gateway Cities offer to the development of biotech and life science companies.

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BioReady Gateway Cities 10/28/2009

  1. 1. Bio-Ready Gateway Cities October 28, 2009
  2. 2. 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.
  3. 3. 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
  4. 4. 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
  5. 5. 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
  6. 6. 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
  7. 7. • Available mill properties (Open Square in lower photo), cheap Holyoke 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
  8. 8. 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
  9. 9. 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 Leominster Avail Business Space higher www.leominsterproperties.info • 12.0% unemployment
  10. 10. • Structured parking lots • 165 and 26 Jackson Street (upper): 385,000 SF with housing & built- to-suit commercial Lowell • 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
  11. 11. 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
  12. 12. 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
  13. 13. • Proximate to Boston and New York City & home to 4 colleges • Court Square: historic building in city center with office, residential, retail potential Springfield • 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
  14. 14. 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
  15. 15. 800-445-8030 www.massdevelopment.com twitter.com/MassDev

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