News
THIS MORNING: $250 MILLION FOR DEVELOPERS
January 20, 2010
| Working on public infrastructure improvements could score you $250 million from the state. With NAIOP's help this morning, a room full of attentive ears was encouraged to apply. Given the usual red tape, Secretary of Finance Jay Gonzalez assured the group, if you're doing a project that qualifies, ?We'll find a way to get it done.? |
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| We snapped the panelists, Quincy Mayor Thomas Koch, Jay, Federal Realty Investment Trust?s Donald Briggs,and Choate Hall & Stewart?s James Shea. Jay says I Cubed (I nfrastructure I nvestment I ncentive Program) is the state's way of sharing risk with developers. Mass. will float bonds and pay debt service before a project is complete. He expects Q1 approval of $50M for the first project, Don?s $1.2B, 5M SF mixed use redevelopment of Assembly Square, in Somerville. Don tells us I Cubed is an innovative idea, and developers need flexibility to make it work. |
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| Concord Square Planning?s Angus Jennings wondered if this first approval for Assembly Square (1.1M SF retail, 1.75M SF offices, 2100 residences, and 200 hotel rooms) means the criteria for winning I Cubed dollars are set. Jay says ?we'll assess project by project.? |
