QUINCY (CBS) — Quincy’s mayor has signed a deal Tuesday with the company that will redevelop the city’s downtown.
50 acres in the downtown area will be demolished and replaced with new housing, retail development, hotel and office space. The project is expected to cost $1.5 billion dollars.
The developer, Street-Works Development, LLC, will pay $250 million 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 Mayor Thomas 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.