QUINCY (CBS) — The city of Quincy has approved a $1.3 billion development plan to modernize the downtown.
It’s one of the largest upcoming construction projects in Massachusetts.
This plan will totally revamp Quincy center with retail stores restaurants, parking and even some new homes. “It’ll help raise the property value in the area,” said one resident, who referred to Quincy as Boston’s idiot step-cousin.
Quincy Mayor Thomas Koch fully supports the project, saying it will be a commercial district with vitality.
The developer, Street-Works Development, LLC, will be paying the quarter-billion dollars for infrastructure improvements right off the top. The city will pay them back, if the project is successful. “All the risk is really on the developer,” said Koch. “All the money up front is from the developer, and when we do pay them back, we’re only paying them back when we draw in those funds from the project.”
Construction is not expected to begin until 2012.
WBZ-TV’s Karen Anderson reports.