Posted on November 16, 2015
SPRINGFIELD --- The transformation of the notorious "Hollywood" section into an attractive, safer residential neighborhood was formally recognized recently as Gov. Charlie Baker came to the city to celebrate the grand opening of Outing Park and nearby Concord Heights.
Located in the city's South End, the effort involved the $72 million acquisition and revitalization of 24 apartment buildings by Gordon Pulsifer's First Resource Companies of Hanover, MA.
This is not the first time First Resource has worked with the city to turn around a Springfield neigborhood. Since 1999, First Resource has acquired, revitalized and now manages 989 apartments spread across three neighborhoods and 65 buildings.
Mayor Domenic Sarno said the key to the city's neighborhood revitalization efforts is to tackle neighborhoods that have several building owners and get them under the control of one owner who is committed to managing the properties. Sarno said crime is down in the old Hollywood neighborhood (renamed Outing Park) since it has been revitalized.
"The key element in all of this is Gordon and his team," said Mayor Domenic Sarno at grand opening ceremonies on Oct. 29. "He's done a lot of great work in Springfield."
The reason for the need for wholesale neighborhood revitalization in Springfield stems from the city's slow economic decline in the last century. Like many of the Commonwealth's gateway cities, Springfield enjoyed an industrial boom in the early 20th century and four-story brick apartments in neighborhoods like Hollywood served as homes for many of the workers who flocked to the city to work in the factories and stores and teach in the schools. By the 1960s, the economy slowed and factories began to close. Gradually, neighborhoods like Hollywood became rundown and plagued by crime and abandonment.
Pulsifer and the city have systematically tackled some these neighborhoods, revitalizing apartment complexes like Maple Commons, High Street Commons, Worthington Commons and City View Commons, restoring these buildings to the condition of what you see in neighborhoods around Beacon St. in Brookline.
In addition to revitalizing neighborhoods, First Resource has six local management offices, many of them visible stand-alone suburban-looking buildings that are a visible contrast to the classic four-story brick buildings of the neighborhood.
"Two keys to neighborhood revitalization are to wrap your arms around as many buildings as possible and make your building management visible," said Pulsifer. "So many management offices I see are below ground. Ours are above ground."
Outing Park and Concord Heights were financed primarily with federal, state and historic tax credits. MHP is provding a total of $5.9 million in long-term financing from its bank-funded loan pool. MHP has provided long-term financing to First Resource in all but one of its redevdelopments in Springfield, totalling over $11 million in long-term loans for the financing of over 800 units.
Gov. Baker said his administration believes in partnerships and praised the city and First Resource for having one that works.
"One of the conclusions I've made is how complicated it is to turn around a neighborhood," he said. "It's really brick by brick, building by building. This is a terrific accomplishment. You had the perseverance and the determination and the grit to see your way through all the twists and turns that comes with redeveloping an entire neighborhood."
For more information about this revitalization and MHP's financing options, contact Director of Lending David Rockwell at drockwell@mhp.net.