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02/12/08

Seven Firms Submit Qualification Packages for Court Square Redevelopment Project

February 12, 2008 - The Springfield Redevelopment Authority in cooperation with the City of Springfield and the Springfield Finance Control Board announced today the receipt of seven qualification packages for the Court Square Redevelopment Opportunity Request for Qualifications (RFQ). The RFQ is seeking a developer for 13-31 Elm Street and 3-7 Elm Street. The interested proposers come from both within and outside of Springfield, representing firms from throughout New England and beyond.

"We're thrilled that the private development community both locally and nationally has recognized the jewel we have here at Court Square in downtown Springfield," said Mayor Domenic J. Sarno. "This is a tremendous opportunity and the quality and the experience of the firms that have returned qualifications is a testimony to that."

The firms that have submitted qualification packages are:           

  • Alliance Group & Rivers Landing LLC (Springfield, MA)
  • Connolly and Partners (Boston, MA)
  • CSM & Companies (New Haven, CT)
  • Federal Development (Washington, DC) & Lehman Brothers (New York, NY)
  • Lexington Partners (Hartford, CT)
  • OPAL Development (Springfield, MA) & HAP Inc. (Springfield, MA)
  • Trinity Financial (Boston, MA)

The RFQ was released on Friday, December 14 at 9 a.m. at the Office of Economic Planning and Development at 70 Tapley Street and via the web at www.courtsquarespringfield.com. The RFQ was taken out through the website 65 times in the two month time period.

"Our aggressive online marketing of City through this development opportunity has borne fruit." said David B. Panagore, Chief Development Officer. "It's been an open and now proven competitive process, accessible to developers and the community. Now the hard work of narrowing the field begins."

The qualification packages that have been submitted are part of Phase I of a two-phase process. The first phase involves narrowing the selection pool to no more than four firms, based on developer qualifications and background. Those firms will then be invited to Phase II, to submit a more detailed proposal of their plans to purchase and redevelop the properties. A selection committee will meet shortly to begin the process of narrowing down the field and moving into Phase II.

will be The properties included in the project in addition to 13-31 and 3-7 Elm StreetN/S State Street (98 and 100) and 104-108 State Street. The SRA plans to demolish the building currently standing at 104-108 State Street once the existing tenant is relocated.

Uses sought for the buildings include market-rate housing a boutique style hotels or other mixed use. Uses for the ground floor level include retail, restaurant and the arts.

The Urban Land Institute, an internationally recognized advisory service that last year issued a 47-page report of projects and initiatives the City should engage in to stimulate significant economic growth and development, pointed the Elm Street building out as a significant opportunity for downtown housing. In a February 2007 report, consultants Zimmerman/Volk Associates noted that downtown Springfield could absorb over 750 of such non-subsidized housing units over the next five years.

The 13-31 Elm Street building was originally designed by Frederick Newman and built in 1892. In 1900 a sixth floor was added and the Court Square Hotel was built and connected to the original building, wrapping the hotel addition alongside the Juvenile Court and facing State Street. 3-7 Elm Street is recorded as being built in 1835, one of the oldest buildings still standing in the city.

Public improvements have surrounded the site, with the project site lying at the nexus of the $2.5 million Main Street improvements that are nearing completion, and the $13 million State Street improvements that are set to begin. With $71 million spent on the construction of the new MassMutual Center just across Main Street, and the overhaul of public improvements made at Court Square Park adjacent to the buildings, the properties are well situated to take advantage of the public investments.



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