The University of Massachusetts at Amherst will open an urban design center downtown early next year, marking the school's first step to locate programs in Springfield.

Plans call for the design center to open on Feb. 1 and to provide a variety of programs in architecture, landscape architecture, conservation and regional planning, officials said. The center will involve faculty and graduate student.

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http://www.masslive.com/chicopeeholyoke/republican/index.ssf?/base/news-23/1256887276106740.xml&coll=1

Posted 11/2/09

Donald Courtemanche has long been fascinated by New England downtowns. It all started when he was a student at Eastern Connecticut State University in Willimantic, working toward a degree in Political Science. He didn’t get a chance to work on projects involving that community’s urban core, but he soon started a career in downtown revitalization in troubled New Britain. He spent nine years there and is credited with spearheading a much-needed turnaround. His success there turned the heads of those leading the search for a new director of Springfield’s Business Improvement District, an assignment he says comes with its own brand of challenges and opportunities.

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http://businesswest.com/details.asp?id=2211

Posted 10/28/09

Here is a link to a great article on understanding cap rates, or the overall or non-financed return on a real estate investment, akin to the return on total assets in accounting terminology.

http://ciremagazine.com/article.php?article_id=1449

Posted 10/6/09

To calculate the monthly rent, multiply the rate times square footage, then divide by 12. For example, if you are interested in leasing an office space that is 5,000 square feet and is $14.00 a square foot, multiply 5,000 x the rate of $14.00 = 70,000. Then divide that by 12 months = $5,833/month in rent, $69,999/annually.

This is the basic arrangement, as there are many factors that may come into play when determining lease rates, like a full services lease or triple net lease (NNN), to common area charges to utilities.

If you are in investor and you plan on purchasing commercial property, get the facts! Investigate so you know you are making a wise investment choice and know what to expect with your investment going forward. Due Diligence will allow you to improve your property selection, help you evaluate income potential, and let's you seeing things from every perspective from zoning to structural, to environmental and legal.

The purchase and sale contract should allow you time, from one week to a couple of months to perform due diligence.The time allocated for due diligence will vary. Most experienced investors understand and accept that buyers will need some reasonable period to conduct due diligence, and the term can run from 30 to 180 days.  If they seller is not giving you 90 days, there may be a reason. Explore and investigate to make sure the property or entity is in good standing. If you need help with the contract, rely on an experienced broker to assist you (we have several here at NAI Samuel D. Plotkin and Associates).

Make sure you get a full picture of the financials. You’ll want to get rental history, vacancy rates, maintenance fees, property management fees if applicable, taxes, insurance, leases (read the leases very carefully (who pays for what).

Get an experienced property inspector to inspect the property's physical condition. This would include HVAC systems, boilers, roofing, siding, foundation, frame, etc. If the property is being financed by a commercial lender, the legal and environmental reviews will most likley be requested.

Posted 9/17/09
 

It was if the city of Springfield was walking on air over the weekend as the city rolled out the red carpet to induct five new members to the Naismith Memorial Basketball Hall of Fame. Leading the team was Michael Jordan, the undisputed king of the sport invented here in Springfield.

Congratulations to the inductees and all who made the weekend the success it was. It was an exciting time for Springfield and we are proud.

Click here to read the article >
 
http://www.masslive.com/opinion/index.ssf/2009/09/springfield_soars_at_h...

Posted 9/14/09

BOSTON - The Patrick administration is submitting a first round of applications for federal stimulus money for two high speed rail projects.

The first is a $69 million rehabilitation of the existing Connecticut River rail line. When finished the Amtrak Vermonter service will be rerouted to this line providing restored access to Northampton and Greenfield. The money will help pay for final design and construction.

The second grant would help upgrade an existing route linking Springfield and Worcester to Boston. The route now operates at regular speed. The grant money would help pay for the engineering work needed to upgrade it to high speed rail.

Click here to read the full article > http://www.masslive.com/news/index.ssf/2009/08/gov_patrick_seeking_stimulus_m.html

Posted 8/25/09

John Judge, Springfield’s recently appointed chief development officer, knows he has his work cut out for him. But he believes the city has enormous potential – in its inventory of existing buildings, proximity to the Connecticut River, cultural diversity, and prospects for new business creation and economic development. And he believes that through teamwork and creation of what he calls a “city of stakeholders,” the community can realize that potential.

Click to read the full article at Business West online> http://businesswest.com/details.asp?id=2117

Posted 8/17/09

Posted 7/16/09

Industrial space can be a very efficient way to invest your money, but you need to do find out the 'ins and outs' of the investment before jumping into owning these types of buildings.

With any property, location is important. If the market is oversaturated or does not have the demand to support industrial property, it is not a wise investment. Financing can be difficult to obtain for certain investors, which means you may have to work harder to find creative ways to finance your acquisition. According to allbusiness.com, the industrial real estate sector has not experienced nearly the decline that other sectors have. It does point to the “credit crunch” as putting a hold on industrial space expansion.

Other things to note:

• Industrial real estate usually is rented as clear span or space without walls or further cosmetic uses that are necessary for office space. This results in lower initial investments.

• Industrial buildings are generally located in an industrial-zoned section of the city. This generally means less insurance is less.

• Most industrial tenants are long-term tenants since most most prefer to stay in the same location, costly equipment may be expensive to move. This means that you have locked in tenants who will not move just based on a better rent structure four blocks down, which translates to continuous steady income.

Click here to view Industrial buildings for sale in Western Massachusetts
ww.loopnet.com/profile/12362271581/Kristin-Sleeper/   

Posted 7/14/09