Monday, May 20, 2013
Marlborough will receive over $2 million from Forest Park developers.
The City will collect more than taxes from the Forest Park development, taking in thousands in mitigation funds designed to help improve the city. “We’ll be getting $350,000,” said City Councilor Matt Elder at an Urban Affairs meeting with the developer of the money that will be gained from the residential housing units. The 109 acre "Forest Park" development will house office, retail and residential space at the former Hewlett Packard Site. Each of the 350 housing units will result in the city being paid $1,000. The city will also be paid for every parking space above the current 2,910 at the site already. With 1,161 new parking spaces planned for the development that means an additional $1,741,500 in money to the city. The money received…
Wednesday, February 6, 2013
A cornerstone business is still committed to moving to Marlborough despite lower than expected fourth quarter earnings.
Quest Diagnostics is committed to moving to Marlborough despite lower than expected fourth quarter earnings. “We are committed to developing the site in Marlborough. We have a long-standing presence in Massachusetts and all of New England," said Wendy Bost, the Director of Media Relations for Quest Diagnostics. "The Marlborough site will just allow us to enhance the relationship we have with people in the region." The company is set to transition clinical lab testing operations now in Worcester and Cambridge to Marlborough. It will be the first tenant of the newly zoned Forest Park multi-use development. The city has put together an "aggressive" 15 year tax program with the company that encourages the company to invest in the location. “We…
Friday, January 25, 2013
Quest Diagnostics sees a fourth quarter drop in profits.
Quest diagnostics saw a 71 percent decrease in profits in the fourth quarter of the year, according to a report from the Telegram and Gazette. The decrease comes as a result of recent sales of two businesses and the affects of Hurricane Sandy. The forecast for 2013 is also disappointing, according to the article. This news comes as Quest has stepped up to be the cornerstone company of the new Forest Park business complex. The city has also entered into a $17 million agreement with the company over the next 15 years.
Friday, January 4, 2013
These large apartment and mixed use developments have been highly discussed in the city, but where are they located?
One reader wanted to know exactly where the 225 apartment unit "Brookview Village" and the mixed use "Forest Park" were going to be located. The 225 apartment units recently approved for "Brookview Village" will be located off of Boston Post Road West at the intersection with Ames Street. An area of land that is now covered with trees across the street from the Panera Bread Plaza will be made into four apartment buildings. This location is near exit 24 off of Route 495. This location has prompted some city councilors to call for the need for an additional fire station. In September, the council took a vote listing concerns around the Brookview Village development. Among them was a quoted 6.5 minute fire department response time to the area…
Monday, December 31, 2012
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 …
Wednesday, December 26, 2012
The company that will bring over 1,000 jobs to the city and be the cornerstone for a new development has had a tax plan valued at over $17 million to the company approved at the state level.
Quest Diagnostics has received final approval for a tax plan with the city that would situate the major company in Marlborough for the next 15 years. The company has identified a 537,000 square-foot space (the former Hewlett Packard facility that recently was approved to be a multi use facility called Forest Park) in Marlborough as a site for expansion. The plan will bring over 1,000 jobs into the city. A private investment of $77 million will 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 $…
Wednesday, December 19, 2012
The final approval of the mixed use overlay opens the door for 350 apartments and 250,000 additional square feet of commercial space.
Final approval was given to the mixed use overlay district covering Forest Park by the City Council this week. “We are very fortunate we have a very good working relationship with the city and that they understand our vision and support our vision," said Joseph Zink, President and Chief Executive Officer of Atlantic Management which owns and develops the property. The vote opens the door to 350 apartment units, retail and hotel growth at the development that was formerly zoned only commercial and industrial. “It allows us the flexibility to execute our full vision; to have that work, live and play environment on one campus," said Zink. These will be part of a 110 acre multi-use campus on the former HP campus. The development will give the …
Wednesday, December 5, 2012
From the Forest Park mixed use overlay to the new senior center; we have what you need to know today right here.
1. You don't need a "Chevy Chase" house to win this house and homes contest for holiday decorations. Show us your style and you could win $500 towards your utility bill and $100,000 towards the school district. It looks like the schools in Marlborough could make good use of that money right now as well, after an additional $2.6 million was added to the current year's budget. 2. The Forest Park mixed use overlay was voted by the City Council to be reviewed by the City Solicitor at Monday's meeting. 3. The discussion about the new $7 million Senior Center is far from over. Residents still have concerns and Ward 3 Councilor Matt Elder has said they will be given a forum to be voiced beginning next week. 4. Remember the snow last Saturday? …
Wednesday, November 28, 2012
The "Forest Park" mixed use overlay, that includes 350 apartments, has been endorsed by a unanimous vote of the Urban Affairs Committee.
The "Forest Park" mixed use overlay was recommended to the City Council by a unanymous vote of the Urban Affairs Committee Tuesday night. “I have never been a fan of overlay dist but this one is diff. This is really going into an are of town that needs some help," said City Council President Patricia Pope. "We are getting an opportunity to create something for the Marlborough of the future instead of treading water.” Forest Park developers are seeking to build 350 residential units as part of a 110 acre multi-use campus on the former HP campus. The development will give the city $3 million in net tax revenue annually once it is fully built out. The members of the Urban Affairs Committee were positive about the development and what it means…
Friday, November 16, 2012
An "aggressive" tax agreement has been recommended by the Finance Committee to the City Council for the first company to sign on to the former HP location now known as "Forest Park."
Early adopters take risks for potential gains. In the case of Quest Diagnostics, they are the first business to sign on to the mixed use development of "Forest Park" where the mixed use portion has not been approved by city officials. However, the move has garnered them an "aggressive" tax program that other companies to join the development will not get. "It's not going to be to this extent, or this aggressive," said Mayor Arthur Vigeant of any future Tax Incriment Finance (TIF) agreements for businesses that sign on to occupy the property. There is still 550,000 square feet of office park to inhabit at the location with Quest having taken 200,000. Developers have said the final build out could see 1 million square feet of commerical …