Featured Property of the Month: MGM Springfield breaks ground on $800 million mixed-use development project
After years of planning and public input, MGM Springfield finally moves into full construction mode. The $800 million development officially broke ground on March 24th. Over 300 eager supporters and state officials attended the event. "This is happening," said Dennis Murphy, a local resident and spokesperson for MGM.
The project is a mixed-use resort accessible from the heart of the city. Situated along I-91, MGM Springfield's location offers dynamic visibility and accessibility to over 100,000 cars per day. The casino program includes street-front retail, restaurants, 250 hotel rooms, 160,000 s/f of office space, 3,600 parking spaces, and a unique outdoor public event plaza. Over 8 million visitors are expected in the first year.
MGM Springfield connects the city's important past with a vibrant future. Historic structures and new buildings come together to create the largest commercial development in the history of Western Massachusetts. The development makes unprecedented commitments to street-scape, pedestrian accessibility, local businesses, and the city's storied history. Springfield is home to the Basketball Hall of Fame, Indian Motorcycles, Rolls Royce, Smith & Wesson, and the nation's primary armory during the revolutionary war.
Davenport Properties of Massachusetts is MGM's development partner in Springfield. According to Charles Irving, president, "We are hearing tremendous enthusiasm from the retail and restaurant industry. Local and national companies are excited to play a part in this transformational urban renaissance."
MGM Springfield is scheduled to open in 2017. Davenport and MGM will officially commence leasing discussions at the Las Vegas ICSC event in May.
Beverly, MA Jay Goldberg, president and owner of Spire Investments has completed the purchase of four multifamily buildings. The 33-unit purchase amounted to a sale price of $9.2 million or $278,788 per unit. The properties are all located in downtown and consist of one- and two-bedroom units.
Now what? As the year comes to a close, the state of retail is always in the news. The answers vary greatly depending on who in the various related industries you ask, each offering a unique lens on the challenges and opportunities ahead.
This may seem self-serving, and I’ll be the first to admit it. But unlike some of the artificial intelligence tools now reshaping our industry, I am fully aware of my own bias. So, hear me out. The rise of AI in commercial real estate is not a distant threat or a speculative headline.