What has two of Boston’s most successful real estate titans running scared is an ambitious, perhaps overly so, $1.6 billion redevelopment of Quincy Center. The city and master developer Street-Works plan to remake about 80 percent of the downtown over the next decade with apartments, shops, a hotel, and office space.
Video rendering of what construction of the first phase of the New Quincy Center will look like. ---->>>> https://www.youtube.com/watch?v=WO7gLZpKRbA
Quincy’s impressive commitment to economic growth and revitalization is demonstrated by becoming the first city in the state to receive District Improvement Financing (DIF). This innovative state financing program allows the city to create a district improvement financing zone in Quincy Center and use “new” tax growth generated within the defined area to fund new public work projects such as roads, parking, green space and the long awaited final phase of the Quincy Center concourse.
Steadfast in its efforts to stimulate development activity in Quincy Center, the City has also designated a Master Tax Increment Financing (TIF) program for the downtown. This means businesses investing in Quincy Center that create new jobs receive a 5% local real estate tax exemption and become eligible for a state tax credit.
Coupled with these financial incentives, the Quincy City Council has established a new Quincy Center Zoning District. Increasing the height allowances, easing density and parking requirements and a streamlined permitting process, the zoning district encourages mixed-use development that will add to the vitality of the downtown. Quincy Center Design Guidelines for the new zoning district have been adopted by the City’s Planning Board which will guide new development in the creation of a more pedestrian friendly and lively downtown. For a complete copy of the Quincy Center design guidelines please contact us.
The completion of the Quincy Center Concourse, increasing access to and from the downtown by linking Routes 3 and 3A, will create an urban boulevard that serves as a gateway to Quincy Center and opens additional parcels of land for public or private development. Making it easier for employees, shoppers, residents and visitors to get around downtown is key to its continued revitalization.
Street-Works Development Group from White Plains, NY is the designated developer for the proposed Quincy Center Redevelopment. Street-Works has spearheaded several major mixed-use urban redevelopment projects throughout the country that blend office, residential and retail uses.
With over 10,000 people working in downtown Quincy today, Quincy Center plays a critical role in the local and regional economy. Building on a solid base, this redevelopment effort lays claim to an exciting future for the downtown.
http://www.thequincychamber.com/economic-development-0/economic-opportunities/quincy-center-redevelopment
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