SPRINGFIELD, MASS. (October 05, 2021) – Related Companies, The Commonwealth of Massachusetts, City of Springfield, U.S. Department of Housing and Urban Development (HUD), Housing and Community Development (DHCD) and MassHousing today unveiled the full rehabilitation of the Skyview Downtown neighborhood. Located in Downtown Springfield, the affordable community is comprised of 489 affordable apartments including 77 new workforce housing units, 22,000 square feet of commercial space, and 6,000 square feet of amenity space.
The two year, comprehensive $50 Million renovation to the Skyview Downtown residences included interior upgrades to all units including new kitchens, baths and flooring, redecorated hallways, and lobbies, new window facade, HVAC systems, plumbing risers and, elevators, as well as ADA accessibility upgrades, enhanced security and access control, and free Wi-Fi for all apartments. Updated amenities include a new floor equipped with a fitness center, resident lounge, workforce development center (Compass Working Capital, a non-profit will provide a Family Self-Sufficiency program for our residents), as well as a computer room, laundry room, children’s playroom, and a new on-site management office.
A key part of the revitalization plan included the City’s $3.5 Million renovation of Pynchon Plaza located at the center of Skyview Downtown’s four buildings and Related’s nearly $1 Million build-out of a Springfield Police Department Substation adjacent to the park. Related worked closely with the City to engage with The Architectural Team and Copley Wolff, a Boston-based landscape architect, to help reimagine the park.
The renovation of Skyview Downtown in concert with the new Pynchon Plaza now provides a seamless link between Downtown and Springfield’s world-class museum district. In partnership with the Springfield Museums, the Springfield Cultural Partnership, and Commonwealth Murals, the neighborhood offers cultural programs for the community and public art installations that celebrate the City’s history, diversity and optimistic future.
“The rehabilitation of Skyview Downtown is a great example of our local, state, and federal partners working together to provide much needed upgrades to one of downtown Springfield’s tallest buildings,” said Congressman Richard E. Neal. “The low-income housing tax credit has proven once again to be a critical tool for revitalization that has a real, positive, lasting impact on our communities. I am proud to champion and protect them in my role as Chairman of the House Committee on Ways and Means.”
"We are excited about the completion of the Skyview Downtown project, which will bring new workforce housing opportunities to Springfield," said Governor Charlie Baker. "Our administration was glad to support this project through MassHousing and the Department of Housing and Community Development, and we look forward to continuing to encourage housing production across the Commonwealth."
“Today's announcement is more than just a win for affordable housing, it's a win for the local downtown economy," said State Senator Adam Gomez (D-Springfield). "In order to have a successful and thriving downtown, more affordable housing like Skyview is needed to ensure that revitalization efforts are successful in Springfield. I look forward to seeing how this new affordable housing opportunity will contribute to our City's thriving economy.”
“Producing more affordable housing and preserving existing affordable units are key elements of our strategy to address the Commonwealth’s long-standing housing crisis, and the renovation of Skyview Downtown represents major progress toward that goal,” said Housing and Economic Development Secretary Mike Kennealy. “Thanks to Related Companies for their efforts, and through the successful partnership involving local, state, and federal government, ensuring these units remain affordable means residents can remain in the community they call home, in a project that is an important part of the revitalization of Springfield’s downtown.”
Mayor Domenic J. Sarno states, “I want to thank Related Companies Vice Chairman Jeff Brodsky and Related Affordable President Matthew Finkle and their respective teams for their continued belief and investment in our Springfield. This $50 million renovation of the former Chestnut Park into a mix-used space of renovated housing units, and commercial and amenity space will greatly benefit our residents and help enhance my Administrations efforts as we continue to build upon the economic development projects and initiatives that have already taken place and those projects still in the works. This is all about a good four letter word – ‘JOBS’! This public and private partnership continues my Administrations commitment of investing and strengthening not only our local housing stock but also building upon our economic development initiatives that further enhance the renaissance of our downtown.” Mayor Domenic J. Sarno continues, “The rehabilitation and renovation of the Skyview project compliments the enhancements and improvements the City has already made in support of this development project. From the Springfield Police Department substation, the $3.5 million renovation of our Pynchon Plaza, the beautiful murals adding color and vibrancy to our buildings and future planned projects such as the old Civic Center garage and now this Skyview project will all collectively bring together our MassMutual Center, our world-class Springfield Museums and the rest of our renovated downtown. I want to thank Governor Charlie Baker, Lt. Governor Karyn Polito, Housing and Economic Development Secretary Mike Kennealy, MassHousing Executive Director Chrystal Kornegay, and our local state delegation for their continued leadership on making this project a reality. Special thanks to Congressman Richard Neal for his continued leadership for our City and his ongoing efforts helping to secure these vital tax credits, once a mayor always a mayor. Chief Development Officer Tim Sheehan, Police Commissioner Cheryl Clapprood, Parks Buildings and Recreation Management Patrick Sullivan and I are looking forward to the bright future this new development project will have for our residents and business community.”
“Related Beal has a long history of developing vibrant communities across Massachusetts,” said Kimberly Sherman Stamler, President of Related Beal. “We are thrilled to unveil Skyview Downtown and to be part of this public-private partnership and Springfield’s thriving downtown neighborhood.”
“As one of the largest private developers of affordable housing in the United States, Related has remained committed to providing and preserving quality housing for nearly five decades,” said Matthew Finkle, President of Related Affordable. “We are particularly proud of the extensive scope of work completed at Skyview Downtown and look forward to delivering long term, quality affordable homes to residents of Springfield.
“Congratulations to Related Companies, the city of Springfield, and the residents of Skyview Downtown on the completion of renovations, which have reinvigorated this important housing community with substantial capital improvements and greater income diversity amongst the residents,” said Chrystal Kornegay, MassHousing Executive Director. “This renovated property has brought new life to Springfield’s downtown, and will offer the families who call Skyview Downton home quality affordable housing and economic opportunity long into the future.”
“Since Related Beal purchased the building at 10 Chestnut Street we have had a successful working relationship with their ownership and management. Our Metro Unit Substation is located in close proximity to the renovated Skyview and the cooperation with the on-site staff and ownership has helped to not only decrease the calls for service to the apartments, but also increase the quality of life for their residents and the surrounding business community,” said Springfield Police Commissioner Cheryl Clapprood.
Executive Director of PBRM Patrick Sullivan stated, “The Springfield Park Department is grateful to the Commonwealth of Massachusetts, the Springfield Museums, the Planning and Economic Development Department, the Department of Capital Asset Construction, and Related Properties for their roles in ensuring the successful restoration of Pynchon Plaza in downtown Springfield. This plaza, which was reopened in November of 2020, is safe and an attractive connection for our beloved Springfield Museums with the metro area. The renovations of the housing units at Skyview Downtown by Related Properties will add to the walkability of our downtown.” “Wells Fargo is committed to addressing the critical shortage of affordable housing in our communities. We’re proud to improve and preserve 489 affordable housing units for families living in Springfield,” said Alan Wiener, Head of Community Lending and Investment at Wells Fargo. “We congratulate Related, MassHousing, Fannie Mae, the City of Springfield, DHCD and the residents of Skyview Downtown on the completion of this exciting project.”
“The comprehensive redesign of Skyview Downtown and Pynchon Plaza will have a long-lasting and transformative impact on downtown Springfield,” said Kay Simpson, President of Springfield Museums. “The reopened Park is now a beautiful outdoor gallery that will be filled with a diverse array of artwork created by locally and nationally renowned artists. This inviting space will not only serve as a welcoming gateway to the Springfield Museums, but will be a place where residents and visitors can gather together to participate in informal activities, performances and events. The Museums are very grateful for the efforts of the Governor’s office, Mayor, Parks Department, city and elected officials and Related Companies to elevate and enhance the City through this major creative placemaking and innovative housing initiative.”
In collaboration with MassHousing, DHCD and the City of Springfield, Skyview Downtown now includes 77 workforce housing units with income bands at 61-85% area median income (AMI) with rents set at approximately 70% AMI level. Additionally, 412 units were kept as LIHTC units at or below 60% AMI with a new 45-year extended use period and approximately 230 units were converted to a new 20-year project-based rental assistance contract.
The senior lender for Skyview Downtown is Fannie Mae and the tax credit investment partner is Wells Fargo.
For high-resolution imagery of Skyview Downtown, please visit: https://related.app.box.com/folder/147311869980?s=4pzuaoh8mb0fgdweo21ihf6567fvk7ro
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About Related Companies
Related Companies is a global real estate and lifestyle company defined by innovation and the most prominent privately-owned real estate firm in the United States with over $60 billion in assets owned or under development including the 28-acre Hudson Yards neighborhood on Manhattan’s West Side, The Grand and Related Santa Clara in California and The 78 in Chicago. Formed over 45 years ago, Related is one of the largest private owner of affordable housing and a fully-integrated, highly diversified industry leader with experience in virtually every aspect of design, development, acquisitions, management, finance, hospitality, sustainability, and sales. Related’s mixed-use, residential and commercial office properties have been consistently heralded for their placemaking vision – bringing together iconic design, arts and culture, dynamic programming, and innovative wellness programs. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Washington, D.C., Abu Dhabi and London, and boasts a team of approximately 4,000 professionals. Related was recently named to Fast Company Magazine’s list of the 50 Most Innovative Companies in the World. For more information about Related, please visit www.related.com. Press Contact: Related Companies
Jon Weinstein 212-801-3902 [email protected]
