Projects

springfield innovation center

270 Bridge Street and 276 Bridge Street

Click here for a pdf link to the image above

 

Opportunities are available to lease some truly unique office, retail and restaurant/cafe space in this emerging Innovation District.

 

The Springfield Innovation Center is conceived as a dynamic, mixed-use center of entrepreneurial activity that will serve as the cornerstone of downtown Springfield’s newly designated Innovation District. The new district builds on the legacy of the area’s 19th century history of industry and innovation, a wealth of architecturally significant historic buildings, proximity to Union Station - currently undergoing an $80 million renovation, and close proximity to the downtown core. Despite its many assets, however, the area suffers from high levels of vacancy and was severely impacted by a natural gas explosion in 2012 that damaged or destroyed 62 buildings.

DevelopSpringfield has recently acquired two buildings included in a group of historic buildings located at the gateway to Springfield’s Innovation District. The buildings will be rehabilitated for use as a business accelerator based on the MassChallenge model that will be operated by Valley Venture Mentors (VVM) along with a ground floor restaurant/cafe and complimentary commercial office space designed to support new business start-ups and help foster a culture of entrepreneurship within the City. The two buildings, 270 Bridge Street and 276 Bridge Street, are ideally located in Springfield’s Innovation District, but within sight of downtown’s premier Class A office buildings. 276 Bridge Street consists of 10,382 sq. ft., and 270 Bridge Street consists of 6,072 sq. ft. DevelopSpringfield intends to install an elevator and connect the second and third floors of the two buildings. The second floors of both buildings would be renovated into a combined area of 3,672 square feet of co-working space to house the VVM accelerator. The 5,632 square foot first floor of 276 would be turned into a combined lobby, lounge and function facility for the accelerator program where pitch contests and networking activities could take place, along with supporting co-working and office space. The first floor of 270 Bridge will be returned to restaurant/café use that would support the accelerator program and the revitalization goals of the City for the area which include establishment of a dining district. The third floor of both properties will be rehabilitated into additional office space for complementary functions. Acquisition and rehabilitation are costs estimated at $2.7 million.

The Springfield Innovation Center is a collaboration between DevelopSpringfield, the Commonwealth of Massachusetts' Executive Office of Housing and Economic Development, MassDevelopment, the City of Springfield, Valley Venture Mentors, the Innovation Hub, and Massachusetts Mutual Life Insurance Company (MassMutual). 

 

Funding to support the development of this project, including property acquisition and rehabilitation of the two buildings is being provided by the Commonwealth through a MassWorks Infrastructure Program grant to MassDevelopment, by MassMutual, the Beveridge Family Foundation and the Berkshire Bank Foundation.

 

NOTICE of CALL for BIDS--General Contractors--DEADLINE EXPIRED 2/11/16

 

Media Coverage

  • Click here for a link to MassLive article and photos, 10/30/15
  • Click here for a link to MassLive article, 2/26/15
  • Click here for a link to press release, 11/6/14