Regional Construction Still In Holding Pattern | Public education projects buoy Central Mass. builders
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Construction projects that are charging ahead include the new Wayland High School, which received voter approval in December, The MathWorks expansion, which will break ground in February and the Albert Sherman Center at UMass Medical School, which had a groundbreaking in September 2009.
Take one look at the Worcester Business Journal’s annual list of the largest construction projects on the facing page and you’ll notice an awful lot of projects stuck in the planning or permitting stages.
That shouldn’t come as a surprise, given the economic conditions facing many developers in Central Massachusetts.
But the good news is that several long-running projects have neared completion, which means more jobs are here or will be on the way shortly.
Finishing Touches
Take the Bristol-Myeers Squibb Biologics manufacturing facility in Devens. The project has topped the region’s list of largest construction projects since it was announced with great fanfare in 2006. And in 2009, the $750 million project was completed. The facility is now awaiting approval from the Federal Drug Administration. Once that’s secured, Bristol-Myers Squibb can begin manufacturing Orencia, which is prescribed to treat arthritis. BMS already has 250 employees working at the Devens location, and the company projects that number could increase to 550.
In the stalled category on the construction projects list is CitySquare. The $563 million remake of the former Common Outlets in downtown Worcester has yet to move forward from the much celebrated announcement that insurer Unum would move its local headquarters to the proposed development. However, since the Unum deal was announced, there’s been no other signs of progress from the developer, Boston-based Berkeley Investments.
One local project that was on hold is the massive Legacy Farms mixed-use development in Hopkinton. Baystone Development of Weston, which is behind the project, had financing for the $500 million development fall through. But late last year, a Baystone representative appeared before the Hopkinton Board of Selectman and announced that a new financing agreement had been arranged. The project, which includes a proposed 940 homes, has now restarted the local permitting process.
Thankfully, for builders, there are some projects in the construction phase. Most notably, The MathWorks plans soon to break ground on its $100 million expansion in Natick, which was long-delayed thanks to negotiations with the town and neighbors.
One of the strongest sectors of the local construction market is public education. There are three public high school projects — in Wayland, Worcester and Grafton — that made the list, with project budgets ranging from $70 to $72 million.
The Albert Sherman Center at the University of Massachusetts Medical School is another public education project that has begun recently. The $405 million project had an official groundbreaking last fall.
In addition to our list of construction projects, this speical focus also includes lists of 2009’s largest commercial sales (page 14) and leases (page 16). While the commercial real estate market has cooled due to the economy, these lists reveal a strengthening level activitiy that could bode well for 2010.
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