Major redevelopment plan unveiled for historic Union Square property

In a recent government meeting, discussions centered around the redevelopment of a significant property in Union Square, which has seen substantial rehabilitation but still retains about 40% of undeveloped space. Ryan Carr, representing EBRM Properties, expressed interest in acquiring the property to enhance its potential, particularly focusing on residential development.

Bridal Connor, a local developer with over a decade of experience in home renovations, outlined plans to convert the top two stories of the four-story building into residential units, targeting predominantly one-bedroom apartments, with a few two-bedroom options. The proposed project aims to create 18 comfortable units, with an estimated cost of $60,000 per unit. Connor emphasized a methodical approach to development, planning to phase the project to align with available funding.

The meeting also highlighted the potential for additional support from various programs, including those from the Housing and Community Renewal (HCR) and National Grid, which could facilitate a more extensive development than initially planned. The city officials expressed optimism about the project, noting its alignment with broader goals of revitalizing downtown and maximizing the use of existing spaces with historical significance.

Additionally, the meeting addressed modifications to a related project, including changes in project costs and tax exemptions. The overall cost of the project was revised to approximately $9.2 million, with adjustments made to the sales tax exemption and the mortgage tax exemption due to the removal of a parcel from the project scope. The officials reaffirmed their commitment to supporting local development initiatives that promote economic growth and job creation in the area.

As the meeting concluded, officials encouraged ongoing communication with developers to ensure the successful realization of these projects, which are seen as vital to the community's revitalization efforts.