Wednesday, April 22, 2015

Site of Holyoke Hotel to Become Destination Retail Plaza, Including Two Restaurants

66 Holyoke LLC, formerly known as Shield Management, the owner of the Holyoke Hotel site, recently received approval for their plans to develop the property into a destination retail plaza. The plan, approved by the planning board on January 13, includes an Applebee’s restaurant and a second yet to be determined restaurant. The site will also include one fast food tenant, two retail tenants, and two hotels. Commercial Development Services Group, from Stafford CT, has been hired to begin the construction on the site.

“The Planning Board and staff have worked with the developer for over a year to structure a pre-approved master plan for this retail site, which would allow them to more easily attract anchor tenants and accelerate new development,” said Marcos Marrero, Director of Planning & Economic Development for the City. “We’re very glad to see the development project reach the construction phase.”

This project will result in the creation of approximately 100 to 150 full-time equivalent job openings, at the hotel and the restaurants combined, and the creation of approximately 150 to 175 construction jobs. The project will demolish approximately half the existing hotel, while rehabilitating the remaining portion as one of the hotels on site. The second hotel will be new construction. The Commonwealth’s Department of Housing and Community Development will be working on the relocation of any temporarily homeless tenants with relocation as of May 1st.

The establishment of these new businesses will further support the retail environment of the surrounding neighborhood. Further, the project will increase tax revenue for the City of Holyoke. Currently, the City receives approximately $132,000 per year from this property. This amount is anticipated to increase to approximately $350,000 to $400,000 per year after construction is completed.

“This new development is great news for the surrounding neighborhood and for the entire city,” Mayor Morse said. “I commend Marcos, the Planning Board, and everyone at all levels of government who helped this project move forward. We expect that the site improvements will complement the commercial offerings in the Ingleside area, which already serves as a regional destination, reduce the appearance of blight and reduce the amount of police calls in the area. This project is a big win for Holyoke.”

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