The Springfield City Council is being asked to approve some six point five million dollars in free financing from the city for the long talked about 31 Elm Street Project.
Fontaine Brothers and WinnCompanies of Boston are teaming up with Opal Real Estate Group to redevelope the historic property which sits in the middle of Court Square - next to The Old First Church.
The site has been disserted for years.
The nearly 52-million-dollar project which was first proposed by legendary Springfield businessman Peter Picknelly, Senior but issues surfaced in the development of the property.
When completed there will be approximately 50 market rate apartments will be put online.
The Urban Land Institute has issued a report that declared that the Court Square area and project was vital to ensuring that there was not additional blight to the area.
(Photo Credit: John Baibak, WHYN News)
Photo: John Baibak, WHYN News- Springfield, Mass