Planning and Zoning

Greenfield Upper Story Housing Feasibility and Pre-Development Study

In the fall of 2007 The Town of Greenfield circulated a request for proposals for a housing development consultant to perform a feasibility and pre-development study on two to three properties located in the central business district of Greenfield.  The objective of the work is to stimulate the renovation and redevelopment of upper story space, in the downtown area, with a particular emphasis on a number of vacant buildings in the town center.

In January, 2008, the Town selected Concord Square to perform this work, which is expected to continue through the summer of 2008.   The work to date has been focused on identifying a financing plan that is feasible, developing sources of the financing, and enlisting building owners to participate.   To date an approach has been worked out that includes Federal and State Historic Tax Credits, New Market Tax Credits, and conventional financing by a consortium of local banks.   A local non-profit, the Greenfield Area Development Corporation, has agreed to provide seed money to pay for a portion of the initial out of pocket costs on behalf of a number of private owners.  Three local banks have agreed to participate in the required conventional financing.  The Massachusetts Housing Investment Corp is seeking a specific allocation of New Market Tax Credit Funds for Greenfield.   8 to 12 building owners are interested in participating, with buildings and space that is expected to exceed 60,000 square feet.  As a result, it appears that a plan is emerging that is feasible, and that has the potential of dramatically changing and improving conditions in the downtown area.

In addition to organizing the financing plan, Concord Square is in the process of doing more specific development work for three buildings owned (or to be owned) by the Greenfield Redevelopment Authority.  This work will include carrying out a preliminary environmental evaluation, a preliminary structural survey, the preparation of measured drawings of existing conditions, the preparation of schematic floor plans, and a construction cost analysis.  This work will be combined into a development feasibility analysis and pro-forma, and will be the basis for requests for financing.

index.php

617.482.1997 • 236 Huntington Avenue, Suite 402 • Boston, MA 02115 • info@concordsqdev.com