Innovative Public/Private Model to Revitalize a Downtown

Quincy, Massachusetts is planning to clear out 50 acres of its city center and build $1.3 billion in retail shops, offices, parking garages and more, plus $300m in new infrastructure. A new financial model is making it possible.

1 minute read

October 17, 2011, 8:00 AM PDT

By Tim Halbur

Tod Newcombe at Governing explains how it works:

"What's unusual about the project is that the developer will assume almost all of the financial risk. Only when the infrastructure is finished will Quincy step in and assume responsibility for the debt by issuing general obligation bonds. With those bonds as a guarantee, the developer, Street-Works Development, expects to tap private equity and debt markets to build the offices, shops, apartments and parking garages."

FULL STORY: Quincy, Mass., Rebuilds from Scratch

Monday, October 17, 2011 in Governing Magazine

Community / Economic Development Massachusetts Urban Revitalization Quincy

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