Boston Construction Jobs Created by Developments
Posted on June 1, 2009
A slew of new developments will help create more Boston construction jobs.
Mayor Thomas M. Menino recently announced that the City of Boston will issue the first round of Boston Invest in Growth loans, which will allow developments to begin in three Boston neighborhoods. The developments include a new shopping center in Hyde Park, a neighborhood market in South Boston and a new hotel in the theater district.
The projects together are expected to create hundreds of construction jobs, which should help the city’s failing construction industry, as well as 650 full-time, permanent jobs. The developments also represent a $230 million economic investment.
We created Boston Invests to ensure that downtown Boston and our neighborhoods would not be deprived of important community development,” Menino said in a press release. “And were extremely pleased to be part of the effort to help these developments move forward despite a tough economy. Not only will these projects add to the vitality of their neighborhoods, they will also put hundreds of people to work. Boston Invests is another way we are working to keep Bostons economy strong.
The Shops at Riverwood in Hyde Park, a $33 million project, will include a shopping center with a bank, grocery store, additional retail and rehabilitation of the existing powerhouse and smokestack. The investment to Sawyer Enterprises’ W Hotel will allow construction to be completed on the mixed-use project, which will include 235 hotel rooms and 123 residences. Loan funds also will allow Gloria’s Market to open during the fall.
Boston Invests funds include a $40 million loan pool from the U.S. Department of Housing and Urban Development that will provide mezzanine financing to projects that have permanent financing and equity already in place. The city has received more than 12 applications for funding since February.