With the constant flipping of real estate in and around Quincy, another potential project has hit the radar. The old home of the Registry of Motor Vehicles offices at 165 Liberty St in Springfield has seen many offers for retail and/or restaurant enterprises. Located at a busy intersection, the area has 22,000 people driving by on the daily and 100,000 people in the immediate area. Offers have proposed everything from fixing up the building and land to tearing it down to start fresh.
The zoning is already set up for commercial zoning uses with the city which is a huge plus. The property is 1.5 acre in total. Recent projects for development in the area have seen huge investments and project totaling $310,000 renovations and $400k plus plans approved by city council as well. Probably the best well-known commercial real estate development project is the purchase of Springfield Plaza to the tune of $35 million. Another $6 million has been invested so far.
The scope of these projects are fairly large, but can bring the potential for huge returns for investors. Oftentimes, the project will have more than one investor in order to get a
project of this scope up and running. There are many considerations to keep in mind when investing in a commercial real estate redevelopment project. Cover all your potential liabilities and get your questions answered prior to signing on the dotted line.
It hasn’t been decided whose proposal will be chosen. Beyond the sale going through with the current owner of the property, the city will also need to approve the redevelopment plan. There are many steps to the process between offer acceptance to project completion that will need to be tackled.