Street-Works LLC has struck a deal with Quincy officials that will see the firm partly finance some $227 million in public infrastructure projects in exchange for the right to expand its already ambitious $1.3 billion mixed-use redevelopment of the city’s commercial center.
The financial and permitting arrangement were included in the project’s master plan that was endorsed unanimously Monday by Quincy’s City Council. The project, which is expected to employ 4,100 construction workers while re-purposing the city’s prime commercial district to include 1 million square feet of office space; 700 housing units; two hotels; a cinema and entertainment complex; and 570,000 square feet of retail and restaurant space.
At the heart of the approval was an agreement struck between Street-Works, based in New York, and Quincy Mayor Thomas Koch that will result in some $227 million in public infrastructure investments. Those efforts will include the construction of public utilities, parking garages and myriad other public improvements. Quincy and Street-Works are seeking some $50 million in state and federal money to support those efforts. Property taxes and parking-related revenue also are expected to help finance the upgrades.
It is unclear how much Street-Works will be expected to contribute to those improvements, however the developer will essentially own the assets that result from the new public-infrastructure agreement, according to the city. Quincy will then purchase those assets once the projects new buildings are occupied and the infrastructure in question is online.
In exchange, the city granted Street-Works the right to expand its existing development blueprint by another 750,000 square feet.
The agreement also calls for Street-Works to pay the city $30 million to cover debt obligations already incurred as part of the downtown revitalization effort.
Read more: Street-Works plan advances, expands in Quincy | Boston Business Journal