The Baker-Polito Administration’s Massachusetts Department of Transportation (MassDOT) is moving forward with the sale of a parcel located at 300 Mystic Avenue in Medford, distributing an Invitation to Bid for the property last week with bids scheduled due by June 9, 2017.
“Our administration is proud to promote local economic growth and opportunity through the redevelopment of underutilized state properties,” said Governor Charlie Baker. “By ensuring the Commonwealth is “Open for Business” with the sale of properties such as the Mystic Avenue parcel, we can continue strengthening our cities and towns and allowing our resources to provide benefits and jobs to citizens throughout Massachusetts.”
“This parcel represents a significant opportunity to transform an existing MassDOT property in a way which will contribute to continued economic growth and development throughout this community,” said Transportation Secretary and CEO Stephanie Pollack. “We look forward to continuing the bidding process and working closely with key stakeholders to advance our transportation and development goals.”
The sale of the assembled 1.67 acre site, which is currently being utilized as a MassDOT sign shop, is an example of the Baker-Polito Administration’s, “Open for Business” initiative launched in 2015. The Governor’s initiative seeks to develop Commonwealth-owned vacant or underutilized assets so they may have more productive uses to benefit the local economy, including office space, retail and housing. To date, 24 state-owned assets have been sold or leased and when fully executed, will generate $428 million in revenue, over 2,000 new housing units, 600 new jobs, 450,000 square feet of commercial space, and $12.3 million in annual, local property tax payments.
“This location is in the immediate vicinity of several local businesses, transportation options, and notable attractions and is a prime piece of real estate within the City of Medford,” said Highway Administrator Thomas J. Tinlin. “By leveraging our existing state assets in innovative ways that put them to the best use, we can continue supporting our local communities and facilitating growth and opportunity across the Commonwealth.”
Interested parties may obtain the Invitation to Bid at www.massdotrealty.com.
– Information from MassDOT