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WHAT'S NEW
Commonwealth Property - Sales Pending

SALES PENDING

Tremont Yard lowellDEVELOPMENT OPPORTUNITY OF STATE-OWNED REAL PROPERTY
257 FATHER MORISSETTE BOULEVARD a.k.a. TREMONT YARD, LOWELL

DESCRIPTION OF PROPERTY

The Tremont Yard has been recognized in a number of ways for its historic significance:

  • It is listed on the State and National Register of Historic Places as part of the Locks and Canals Historic District and the Lowell Historic Preservation District;
  • It has been designated a National Historic Landmark;
  • It located within the City of Lowell’s local Downtown Historic District;
  • It is recognized as an Engineering Landmark by the American Society of American Civil Engineers as part of Lowell’s water supply system;
  • The PowerHouse is a Mechanical Engineering Landmark for its association with James B. Francis and its role in the turbine experiments of 1855 and the history of subsequent turbine technology.

DISPOSTION PROCESS & ECONOMIC BENEFITS
The Commonwealth of Massachusetts, Division of Capital Asset Management and Maintenance (DCAM), in consultation with the City of Lowell, issued a Request for Proposals in April 2005 for the long term lease and development of a 38,473+ square foot parcel at 257 Father Morissette Boulevard, and known as the former Tremont (Yard) Power House. Disposition of this property is pursuant to Section 652 of Chapter 26 of the Acts of 2003. The Premises will be leased for adaptive reuse and development that may involve demolition of the surface structures in accordance with the terms of a Memorandum of Agreement among DCAM, the Massachusetts Historical Commission, and the City of Lowell.

It is the Commonwealth’s intention to execute a long-term lease agreement for the Property with the selected respondent, which will be conditioned on the successful implementation of the various requirements outlined in the RFP. DCAM has provisionally designated a developer of the site.

The Premises are ideal for redevelopment that fits in the context of the North Canal Economic Development Area and the Legislation encourages development of the Premises for uses that provide a substantial public benefit, consistent with existing zoning for the area. The Premises are located in close proximity to the Tsongas Arena, the Western Canal, the Ayotte Parking Garage, Lowell High School, Wannalancit Science and Technology Center, and is the terminus of the Lowell National Historical Park vintage trolley system.