HOLYOKE — The Holyoke Redevelopment Authority is seeking proposals for development of downtown land that would add to the vibrancy of the area alongside nearby projects in continued revitalization efforts for the city.
The land for which proposals are being sought is located on Race and Main streets and is available for commercial and residential use.
The property was previously under agreement but with the project falling through, the city is looking for a new developer interested in a space in the midst of major redevelopment.
Director of Planning and Economic Development Aaron Vega told Reminder Publishing between all the projects in the area of this newly available land the city is looking for a partner ready to add to the vibrancy occurring.
“There’s a lot of interest going on in Holyoke right now, so it made sense [to seek developers],” said Vega. “There are some key developments around it.”
The area around the property has seen notable developments over the past few years with more projects under construction or in the planning stage. Adjacent to the south of the property is the “Cubit” building which is a mixed residential and commercial development. Directly to the north is the Armour Building currently being converted to a restaurant and co-working space.
Under construction just a block away is WinnDevelopment’s Appleton Mills Phase 1 which is creating 88 units of 55-plus housing. Phase 2 will bring on an additional 75 units and is currently in the planning stage. Additional activities nearby are Open Square and the in the Arts & Industry District with nightlife, shops and retail, Vega added.
Vega said it also made sense to seek developers in the context of construction and the timeline it can take to put together a deal.
“It’s really about getting in the right project, so it gives us a good time frame to work with some people through the spring, into the summer and hopefully close something this fall or winter and be ready for construction next year,” Vega added.
Vega explained encouraging mixed spaces for developer’s potential projects on the property brings two main benefits for the city. One being the costs of housing is currently very high so offering a mixed space offsets some of those costs for the housing side. The other benefit comes from construction prices as it generally can sway between residential and commercial only options.
“It’s a cost benefit both to the construction and to the viability or sustainability, if you will, of the project. Having that mixed income coming from both residential and commercial retail space is key,” Vega said.
The proposal package is available for download via holyoke.org/property-for-sale. For more information, contact the redevelopment authority at oped@holyoke.org.
The revitalization efforts of downtown will march on with this project and with the city’s shared vision of creating a more walkable downtown and affordable housing. Vega used what Easthampton has been able to accomplish as an example of what the city wants to create for its downtown.
“If you’re living and you can walk right downstairs or to the next block and visit a restaurant, visit a café, go to a corner store, eventually maybe a drug store, things like that. It just makes quality of life a little bit better when you have that walkable downtown and those assets right there,” Vega said. “So, when we allow for those mixed development with commercial retail space and residential you can kind of create that kind of ecosystem.”
