Another hotel going in. City Manager Jay Ash's economic update:
Hi, all. Happy St. Patty’s Day, or, for those of you veterans who are still around from it, happy Evacuation Day (when the British forces were repelled from Boston during the Revolutionary War). Either way, I have some rare time on my hands and thought I might give you an elongated Inside Scoop. It’s been a while since I’ve done so, which means one of two things: 1. I’ve become lazy, or 2. I’ve been so busy that I haven’t found the time to write. You be the judge, as I go a bit more in depth in several important function areas today, starting first with this email on Economic Development:
Economic Development
1. I start this section out by informing you that the State Secretary of Economic Development recently called out Chelsea’s economic development performance as a stellar example of such in the commonwealth. Hey, not bad for the smallest city in the state. I regularly lament “only if we had more land.” But, that limitation is real, so we continue to go vertical instead.
2. First up, you’ve all been asking “When is the FBI going to start?” Good question. I have no real news on that, but I can tell you there have been sporadic sightings of FBI agents around, so it looks like they continue to plot for something. We all hope it is soon. I can tell you that I have heard nothing that changes my belief that something will be happening eventually.
3. While I can’t say much more about the FBI, I can tell you that the Sixth Street residential development (called One North of Boston) is in full swing. Foundation work is going well and I am looking forward to steel going vertical the week of the 25th. 230 market rate units are going there, as the first phase. We also spent the week on the infrastructure improvements to be made around the site. Occupancy is still about a year away, but you’ll start to see the building take form right away, and you’ll see that billboard coming down very soon.
4. We’re planning another hotel for the corner of Beech and Carter, adjacent to the highway and across from CHS and the Marriott (which is doing great – they had some staff from American Idol staying there two weeks ago – no doubt, they heard about my singing in the shower!). Both the federal and state government has been a huge help in working with us on the contamination of the parcel. Late spring, we believe we’ll be carting out tons of pcb-laden dirt, thereby creating a clean site for a late winter construction start. Next spring, look for the FBI, Sixth Street residential and this hotel to all be under construction. Boy, will that say a lot about what’s happening in Chelsea, as tens of thousands of cars and hundreds of thousands of eyes see us going vertical, while transforming the old, blighted vestiges of our industrial past into a gleaming cosmopolitan destination.
5. But, we’re not done. We recently acquired a parcel on Central and Marginal, and have an RFP out for its redevelopment. That is the kick-off of the future transformation of the waterfront, which is also being aided by the spectacular park being created by Eastern Minerals, and the great work done by Harbour Foods to rebuild the dock adjacent to it. Several properties are also in transition along Marginal Street. Someday, maybe not tomorrow, but someday in the future, you’ll see along Marginal Street what you are now seeing happening in the urban renewal district: residential, hotels, offices and retail replacing old, dirty and run-down industrial activity.
6. The redevelopment of Forbes is lingering. Forbes is a 19 acre site on the end of the Chelsea River, accessed behind the Mary C. Burke School Complex on Crescent Avenue. It is a spectacular opportunity to create a major development campus, although we have and continue to expect that campus to promote public access (so it won’t be a gated community). Its redevelopment has been a victim of the recession, but with the housing market heating up again, don’t be surprised if I soon talk about hearing from a new developer with new plans sometime soon. What typically happens on these is that the bank takes over the property and sells it to the next developer, getting as much value as it can for the asset that is worth less than the bank is owed on it (all of this is currently happening). As Chelsea’s star continues to rise in a better market, another development team may ride the crest upwards. All of what happened at Forbes almost happened at Admirals Hill, when that was first redeveloped. The difference was the original developer just barely hung on, and when the market turned upward again it was the original developer who benefited. Timing is so important to these developments.
7. As another important project in the Box District has just opened, two more phase of development are ready to bring near complete the transformation of that neighborhood. It was once a desolate industrial area. Now, there is much life, with great mixed income housing, new infrastructure and a great new park. The two developments soon to break ground combine for just under 100 units of mostly market rate housing. The development should start sometime this spring or early summer.
8. For a discussion about smaller projects, I’m working on another gym (although Planet Fitness is great – when will I see you there?!) and the potential for a doggie day care. Some of you have been clamoring (I could have written “barking” but decided not to go there) for the latter. Hear there is a salon going in the old Larry J’s space. Still looking for restaurants, though. The Building on the corner of Spruce and Williams is coming out great, thanks Anthony Simboli, the younger. It will be the new home for Baldour, a food distributor. Look for a new food producer coming to Chelsea - Golden Cannoli will be coming to Crescent Avenue.
9. Speaking of Planet Fitness, the construction behind it is fascinating (they were picking things up and putting them down, modular units that is – I hope you Planet Fitness commercial fans appreciated that one). 56 units have been assembled. It will take another three to four months to complete that market rate rental project, which is due to open in July.
Had enough on Economic Development (although it is critical to balancing budgets, promoting revitalization, adding jobs and redefining our places and spaces)? Be looking for the next installment of this week’s Inside Scoop for info on Community Development and Neighborhood Enhancement.
