A potential new development at the former Hewlett Packard campus has the potential to add $3 million in taxes to the city, according to developers.
The 109 acre “Forest Park” development is being heralded by developers Atlantic Management as an answer to the needs of businesses and their workers while also bringing a large amount of funds in for the city.
The developers are petitioning the city for the creation of an overlay district that would allow the commercial and industrial site to also play host to retail and residential. The discussion has just begun for this development but we have pulled together some of the most important numbers and facts associated with the proposal.
- 109 Acres off of Forest Street.
- 750,000 square feet in current commercial space set to be renovated.
- 1.05 million square feet of total commercial space upon completion.
- 150 hotel rooms.
- 350 market-rate residential units.
- 35,000 square feet of retail space.
- $4.3 million in gross revenue.
- $3 million in net tax revenue.
- 1974 â€” the year Framingham-based Atlantic Management was founded.
The developer’s numbers also include figures on the impact the development will have on the city.
- $391,000 in total annual municipal costs.
- $174,000 in education costs annually for 17 students.
The developers have presented the overlay language to both the Planning Board and City Council. The City Council will have the final vote on changes to the zoning for the area.