Member of the reality-based community of progressive (not anonymous) Massachusetts blogs
The Hamilton Canal District (Appleton, Jackson, Middlesex Streets) urban revitalization plans have been posted on the Lowell city web site. The 15 acre site consists of mostly of “vacant and underutilized land” bordering the downtown area of Lowell. This major redevelopment will not only increase the “city’s employment base and tax revenue” but also rejuvenate that area of the city.
This is by far the most ambitious redevelopment plan this City has undertook since the days of the Industrial Revolution. I have always believed that one of the keys to Lowell success is our ability to reinvent ourselves, when needed. The Hamilton Canal Plan is part of that tradition.
At times I felt as if the project was never going to be launched. But now it is a reality.
The Master Developer will be chosen next month. This is what the successful, completed redevelopment plan promises:
$250,000 in new private investment, a 20 – 1 return on public dollar invested
$2.2 million in gross annual tax receipts
175 permanent jobs
The recent discussions that involve constructing both the Judicial Center and the U. Mass/Lowell Nanotechnology Center in that area have added a new dimension to the plan. Both entities would greatly enhance the overall redevelopment and certainly will serve as cornerstone.
However, the Nanotechnology Center will be tax-exempt and the Judicial Center may be tax-exempt so I do not know how that will impact that $2.2 million projected return. Construction should begin Spring 2008; of course the garage funded by the Lowell taxpayers is already being built. According to the Lowell DPD, the project should be completed between 2013-2018.
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December 2nd, 2006 at 10:39 am
This 20 to 1 return on public investment obviously does not include the cost of the now $28M parking garage. Since that has been called the linch-pin of the area development, it doesn’t seem appropriate that its cost is now forgotten in the payback analysis.
The Lowell tax base is severely limited in growth, and it would be unwise to let this valuable property become consumed with condos. There has to be incentives for the developers to attract major commercial ventures into this area. It is not clear that the incentives are directed in this manner.
December 3rd, 2006 at 5:01 pm
Many thanks for the information and link to the PDF presentation. One significant factor in my husband and my decision to move to Lowell after our first visit in May 2005 was the excellent city planning document we found at the City of Lowell web site. Public/private partnerships have their +/- aspects, but strong public and not-for-profit institutions can provide anchors for significant private sector development. Think MIT/defense/128in the 1950s. Or, for Cambridge, think MIT/Polaroid. (Think Stanford/Silicon Valley which once was cheap land near a major, tax-exempt university.) One may quarrel with the defense et al link, but tax exempt MIT or, here in Boston, Mass General, bring many goods to a community.
A research center (Nanotechnology) would be a catalyst, resource and clear demonstration of public will/support for private, taxable enterprise.
But I digress. My real impetus in posting was to thank Mimi and all of the posters/responders here for helping us get a feel for our new home. (New home, we hope, by 12-31-2006!)
December 4th, 2006 at 11:34 am
J Dayne: just in time for the new year! Welcome to Lowell and thanks for spending time here!