Costs, Brownfields Deterring PEDA's Site 9 Prospectives
PITTSFIELD, Mass. — Site 9 in the William Stanley Business Park has been cleared for more uses — but small businesses can't afford the development and brownfields designation could be scaring big ones off.
Pittsfield Economic Development Authority got an update last week from Kevin Jennings and Jonathan Little of Jennings Real Estate Services Inc., which is marketing the park.
The state Department of Environmental Protection has approved an amended grant of easement and restriction for environmental conditions. The restricted uses for the site are residential daycare and educational facilities for children 12 and younger, agriculture, and excavation of groundwater or soil unless permitted. Formerly, it was not able to have retail or restaurants on site.
Jennings and Little said the overall development environment is challenging everywhere because of construction and labor costs being so high.
"What we're seeing is not unique to a land site, and what makes it even more difficult are the current market constraints with cost and pricing," said Jennings. "We continue to maintain our marketing, or direct outreach. And our goal is to expose the property when these outside influences start to loosen. We want to make sure that when the people are looking, they know that we're here."
He said there has been some interests in the property but smaller businesses see the cost of development and their ability to continue, and some big corporations have no tolerance for anything perceived as a brownfield.
"Even though Site 9 has been remediated and is ready to go, it still got screened early in their process as an issue. So both of those groups walked away, unfortunately," he said.
Now that Site 9 can have restaurants and retailers should help them broaden their reach to prospective clients, Jennings said.
In other news, the board discussed its financial position with auditors Adelson & Company PC.
The balance sheet highlighted a $21.9 million total assets, a $1.3 million total liabilities, and a $20.4 million cumulative net position. The Site 9 project incurred $600,000 in expenses, with $254,000 from the GE Foundation and $358,000 from other grants. The board approved the audit.
The board recognized new member John Ryall, who has been a resident for more than 25 years and has a background in marketing and business development. He currently works at SABIC/Polyvantis.
The board ended in executive session to discuss a possible property transfer on Site 9.
Tags: business park, PEDA,
