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.
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 $…
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 …
Tuesday, November 13, 2012
State Housing and Economic Development Secretary Gregory Bialecki says apartments and mixed use developments are crucial in attracting companies to Massachusetts.
As Marlborough continues to draw in large companies, apartment buildings and mixed use developments will be crucial in attracting both the companies and the talent that spurs them to come to Massachusetts, according to the State's Housing and Economic Development Secretary Bialecki. “There’s not enough of the kind of housing the talent wants, particularly the young talent," he said. “It starts with housing, no question." Bringing developers to the state is two fold, said Bialecki. You must tend to the traditional approach of a reasonable tax structure, proper infrastructure and reasonable permitting is in place, he said. The other step is providing the housing to ensure the state is somewhere that young, talented workers want to live. This…
Thursday, November 1, 2012
Quest Diagnostics has been announced as the first company to sign on to "Forest Park," better known as the former Hewlett-Packard office complex.
"Forest Park" is set to kick off with Quest Diagnostics as a major tenant of 200,000 square feet for a new laboratory facility in the proposed multi-use development. The New Jersey-based provider of medical testing services will be investing more than $64 million in a Northeast laboratory facility on the former Hewlett-Packard site, according to Boston.com. The site is reporting that in addition to the 950 employees that will come to the site, they will be looking to hire an additional 240. Marlborough officials will provide the company with a tax break on the cost of the improvements to the property over a 15-year period. The exact dollar amount of the tax deal has not been decided, according to Boston.com. This marks the second large …