Eight projects, including Polar Park neighbor, approved for state tax credit and incentive programs
Photo | Grant Welker
A proposed mixed-use development across Madison Street from Polar Park has been delayed.
A state council that oversees a tax credit and incentive program on Thursday approved aid for eight projects, including a planned boutique inn and speakeasy bar in Peabody and the developer of a hotel on the site of the long abandoned Great Barrington high school and middle school.
The Economic Assistance Coordinating Council estimated the projects will create 375 new jobs, lead to the retention of 370 other jobs, and leverage about $130 million in private investment.
Other projects newly approved for participation in the Economic Development Incentive Program are located in Salem, Chicopee, New Bedford, Norton, West Boylston and Worcester. Under the program, companies receive state tax credits or local property tax incentives in exchange for commitments to generate or retain jobs and make private investments. The council weighs whether projects are likely to move forward without government support.
The Peabody project, put forward by Farm Street Real Estate, is envisioned by the council as a new anchor for the Washington Street district and involves converting vacant property at the corner of Washington and Main streets into a 10-room boutique inn, restaurant, and speakeasy bar and lounge.
The developer of the planned 88-room hotel adjacent to Great Barrington's River Walk has pledged a $15 million investment, with project officials anticipating the creation of 16 new jobs and a facility that will attract tourists and help commerce at the downtown restaurants and shops one block away.
The council also approved a project in which Tropical Products, a family-owned manufacturer and bottler of pet care and cleaning products, will create 123 new full-time jobs by building a new facility in Salem.
Aid was also approved for Milton CAT, which plans to open a new equipment location in Chicopee; NFI LLC, a graphics solution company that is consolidating two sites in Wareham into one facility in New Bedford; Yale Appliance's relocation and expansion of its headquarters from Stoughton to Norton; the construction of a new facility in West Boylston by manufacturing services provider Cogmedix; and the construction of a mixed-use building next to Polar Park by Madison WG Holdings LLC, a commercial real estate developer in Worcester.
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