Forest Park Construction to Begin Next Month
Officials from Atlantic Management said construction at the mixed use development will begin sometime in January.
The first construction at Forest Park is slated to begin in January on the existing office building at a site that will host a mixed use development, according to Joseph Zink, President and Chief Executive Officer of Atlantic Management which owns and develops the property.
The City Council recently voted to change the zoning and allow mixed residential, commercial, industrial and retail use in the 110 acre campus. This opens the door to 350 apartment units, retail and hotel growth at the development that was formerly zoned only commercial and industrial.
The first steps towards the change in the property will be renovations to the building formerly used by HP. It will receive interior and exterior changes. The building will be rented to Quest Diagnostics which will be making an investment along with Atlantic Management.
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Quest will be putting in a private investment of $77 million to facilitate necessary improvements, laboratory and office space build out and the purchase laboratory equipment.
The project will create 246 new jobs and retain 957 jobs in the Commonwealth. The City of Marlborough is supporting the project with a 15-year Tax Increment Financing agreement valued at $17,179,339.