MassDevelopment

The Taunton Development/MassDevelopment Corporation (TD/MDC), real estate investment firm Rhino Capital Advisors, and state and local officials today broke ground on a new state-of-the-art, 180,000-square-foot advanced manufacturing facility located on lot BP2 at the Business Park at Myles Standish in Taunton. In 2022, TD/MDC sold the last two undeveloped, pad-ready lots at the new business park – BP2 (11.25 acres) and BP3 (9.95 acres) – to Rhino Capital for the creation of speculative build-to-lease manufacturing facilities. At the new facility on lot BP2, Rhino Capital aims to attract “tough tech” tenants with building features such as a 32-foot clear height, up to an 8,000-amp power capacity, and five loading docks. Rhino Capital anticipates the facility will support hundreds of new jobs. Construction on the facility is expected to be completed in spring 2025. In 2012, MassDevelopment and the Taunton Development Corporation (TDC) partnered to form a nonprofit development corporation to redevelop the 220-acre site of the former Paul A. Dever State School by expanding the Myles Standish Industrial Park and developing a new business park. With the assistance of MassDevelopment and TDC seed funding, state and federal grant funding, and the city’s approval of District Improvement Financing (DIF), the Business Park at Myles Standish was completed in 2022, with all parcels sold. The public-private partnership completed MEPA permitting and traffic mitigation, demolished and remediated more than one million square feet of vacant buildings, tunnels, and water towers, and constructed new roads and utilities. Eleven new companies have now invested in the new business park, resulting in more than 1.6 million square feet of new development, $158 million in private investment, 1,400 new jobs, and an additional $3.2 million in annual tax revenue to the city of Taunton. bit.ly/3zzZt29

MassDevelopment is hiring an Administrative Assistant. Reporting to the Executive Vice President of Finance Programs, the Administrative Assistant will play a crucial role in supporting our finance programs managers and officers. This position entails engaging with external constituents and internal stakeholders at all levels. The role demands independent judgment to efficiently plan, prioritize, solve problems, and organize daily tasks. Learn more and apply: bit.ly/3KGjypS

Congratulations to the recipients of this year’s Lynnspire grants! Our Transformative Development Initiative (TDI) Creative Cities is helping local partners build a more sustainable arts and culture infrastructure in Lynn through initiatives like this that can continue after our two-year program ends. bit.ly/3xAw07X

This initiative has twin goals for advancing our economy: strengthen our family child care providers as small businesses with the resources they need to improve care and serve additional children, and by doing so empower more parents and guardians to more fully participate in our workforce. MassDevelopment has experience supporting key industries in Massachusetts, and is pleased to now partner with the Department of Early Education and Care on a forward-thinking plan to address our family child care providers’ capital needs.

MassDevelopment is hiring a Project Engineer. The Project Engineer oversees the entire lifecycle of planning, design, and construction projects. Responsibilities include managing scope, scheduling, budgeting, design review, and construction compliance. Reporting to the Director of Engineering, the Project Engineer manages projects from planning and design through to construction closeout and final acceptance. Projects may involve site/building abatement, demolition, redevelopment, municipal utility construction, stormwater systems, and roadway construction. The role involves both office and field work across the Commonwealth. Learn more and apply: bit.ly/3KGjypS

Good news re: the Capitol Theater, located in the heart of the New Bedford Transformative Development Initiative (TDI) district! Through TDI Equity and the Commonwealth's Underutilized Properties Program, we've proudly supported efforts by the Community Economic Development Center to revitalize this property. Massachusetts Executive Office of Economic Development (EOED) bit.ly/3RKUamU

MassDevelopment has issued a $17 million tax-exempt bond on behalf of 733 Broadway LLC, an affiliate of Tremont Development Partners LLC (Tremont). The company will use bond proceeds to build a four-story, 52-unit affordable rental housing facility with 52 surface-level parking spaces at 733 Broadway in Lowell’s Acre neighborhood. The .6-acre site formerly housed the Merrimack Valley Food Bank warehouse, which has relocated its operations to a new facility, and a 30-space open surface parking lot; the existing warehouse is being largely demolished, with select areas of the historic facade retained and restored. Project sponsor Tremont Development Partners created a for-profit affiliate, 733 Broadway LLC, for the purposes of facilitating this tax-exempt financing. The tax-exempt bond, purchased by Eastern Bank, helped 733 Broadway LLC achieve a lower cost of capital. bit.ly/3RMoCNA

This morning our President and CEO Dan O’Connell and team met with Devens business leaders to discuss our recent commercial real estate news, tools for business growth, and community resources. Thanks to the Nashoba Valley Chamber of Commerce and Devens Enterprise Commission for partnering to host this breakfast!

MassDevelopment's Devens Fire Department is hiring a firefighter/EMT. Learn more and apply: bit.ly/3KGjypS

High temps and lots of excitement yesterday in Worcester’s Main South neighborhood as we broke ground on Main South Community Development Corporation’s new affordable lease-to-own storefronts, a concept from the early stages of our former Transformative Development Initiative (TDI) district that will promote stability and wealth-building opportunities for local businesses. In addition to the support of our TDI Fellow Ivette Olmeda, we’ve been proud to contribute about $2.2 million towards this innovative project through TDI, the state’s Brownfields Redevelopment Fund, and an agency loan.