1. Springfield Elm Street block restoration plan climbs in cost; developer pursues more funds, tax credits

    Springfield Elm Street block restoration plan climbs in cost; developer pursues more funds, tax credits

    A developer said this week that a plan to redevelop a long-vacant historic block on Elm Street at Court Square has risen in cost to an estimated $50 million to $55 million. That makes the next 60-90 days critical developers try to secure additional funds to make the project a reality. Peter A. Picknelly, who is part of the development team seeking to restore the building at 13-31 Elm St. as market-rate housing, said there are challenges to fully funding the project, but also a unified effort by the developers, government officials and MGM Springfield.

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    1. We're dedicated to try to make this happen.
    2. It has swollen significantly due to the decay of the building the last several years.
    3. We remain optimistic at the opportunity to collaborate with the City of Springfield and developers to bring the historic Elm and Court Square back to life.
    4. We are very thankful because the project could not have been done without them.
    5. There is a funding gap of what the building can support with a mortgage, (but) we are working with the city, state and federal government on a pathway to collect the funding to fill the gap.
    6. We have every reason to believe that they are going to sharpen their pencils and do everything they can to make this project work.
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