Springfield has bought some high profile real estate near the MGM Casino with the purpose of ending widespread real estate speculation and to spur growth in the south end.
The city spent about 3 point 8 million dollars to buy the three properties.
The properties that City/SRA will purchase are 113-115 State Street, 1139-1155 Main Street and 11-21 Stockbridge Street.
In 2019, all of the properties were put under the control of Freedom Credit Union and participatory lenders.
Due to the City’s concerns that potential investors would not invest in or appropriately tenanting them, Mayor Domenic J. Sarno and Chief Development Officer Tim Sheehan reached out to Freedom Credit Union to discuss plans to acquire the properties for redevelopment.
City Council President Marcus Williams stated, "The transformation of the downtown corridor will continue to be a work in progress and this is another sizable step in activating spaces that have needed attention for quite some time. To attract businesses, investment and people, we need to have a thriving downtown district and I am appreciative of the efforts made on all fronts to acquire these properties for future rehabilitation."
113-115 State Street was built in 1903, 1139-1155 Main Street was built in 1905 and 11-21 Stockbridge Street was built in 1962.
(Photo Credit: John Baibak WHYN News)