Monday, November 7, 2011
Trinity Financial, Downtown Projects Gain Historic Credits
BROCKTON--FROM THE MAYOR'S OFFICE:
Three Brockton redevelopment projects, including Trinity Financial's $100 million commercial and residential project in downtown Brockton, have received a total of $900,000 in the latest round of historic rehabilitation tax credits from Secretary of State William F. Galvin’s office.
Trinity Financial, which has proposed the redevelopment of the dilipidated former Enterprise building, received $300,000 for the redevelopment of the Gardner Building.
Trinity’s proposal includes the redevelopment of approximately four acres from the north side of Main Street from Petronelli Way to Centre Street and east to Montello Street.
The proposed project calls for the construction of residential, retail and commercial space, as well as a 325-space city parking garage.
Capstone Communities LLC and Brophy & Phillips Company each received $300,000 in
tax credits from the Massachusetts Historical Commission to help finance their proposed redevelopment projects in the downtown area.
The Capstone Communities’ project plans to turn 124 Montello St., the former Stall and Dean sporting goods company, into a 25-unit residential building.
Brophy & Phillips proposal for 88 Lincoln St. will turn the former mill into commercial office space.
This is the second round of historic tax credit funding Capstone Communities and Brophy & Phillips have received.
“Brockton has a rich history. That history can be seen through the distinctive
architecture in our downtown,” said Mayor Linda M. Balzotti in a prepared statement.
“These grants help make preservation and redevelopment happen at the same time without having to sacrifice one for the other. I am proud of the hard work and collaboration between the developers, the city, Brockton’s planning and economic development agencies, as well as our state delegation which helped bring about these grants.”
The allocation of the historic tax credit funding is contingent upon the successful
completion of the project and certification by the Massachusetts Historical Commission.
Receiving the historic tax credit does not prohibit the developers from seeking additional funding from the state or other sources.
Posted by About Brockton Post at 1:27 PM