PATRICK-MURRAY ADMINISTRATION CELEBRATES GROUNDBREAKING CEREMONY FOR LIBERTY MUTUAL'S $300M HEADQUARTERS EXPANSION PROJECT
State-supported project to create 600 new full-time positions and 500 construction jobs
Governor Patrick participates in a groundbreaking ceremony for Liberty Mutual's expansion along with Mayor Menino, President and CEO of Liberty Mutual Edmond Kelly, and Congressman Capuano. (Photo credit: Isabel Slepoy/Governor's Office). View additional photos.
BOSTON - Monday, October 18, 2010 - Continuing the Patrick-Murray Administration's efforts to promote job growth and long-term economic recovery, Governor Deval Patrick today joined Boston Mayor Thomas M. Menino, Liberty Mutual Group Chairman and CEO Edmund F. Kelly, as well as other state and local officials at a groundbreaking ceremony for Liberty Mutual's expanded 22-story, 590,000 square foot headquarters at 157 Berkeley Street. This project will create 600 new full-time jobs in addition to the 300 jobs the company has created statewide since 2008, and will yield another 500 construction jobs over the duration of the project.
"This is what it's all about - putting people to work," said Governor Deval Patrick. "Liberty Mutual's expansion is a prime example of the critical collaboration between the Commonwealth, the City and private industry that leads to new opportunities today and a stronger Commonwealth tomorrow."
"This kind of construction project will help put people back to work as we focus on Massachusetts' economic recovery," said Lieutenant Governor Timothy Murray. "We are excited about today's groundbreaking and look forward to seeing this project support economic development, sustainability and growth for the region and the Commonwealth."
Liberty Mutual's expansion project was jump started by collaboration between the Patrick-Murray Administration and the City of Boston through the Economic Development Incentive Program, which leveraged over $300 million investment from the company. The company has already invested $28.5 million in costs associated with the acquisition of the property. The project is expected to generate $64.4 million in new tax revenues for the state as a result of the employment it will create.
"Boston is where our company started nearly 100 years ago, and the City continues today as headquarters for our worldwide operations," said Liberty Mutual Group Chairman and CEO Edmund F. Kelly. "The support of Mayor Menino, Governor Patrick and their staffs has made it possible for us to invest in Liberty Mutual's future as well as in the economic future of Boston, Massachusetts and the region."
"Liberty Mutual's expansion provides a significant boost to our economy and I'm delighted that one of Boston's oldest companies is continuing to grow here. This new building will put hundreds of people back to work during the construction phase and after it is occupied. Additionally, it will revitalize the surrounding public realm with new public open space and streetscape improvements," said Mayor Thomas M. Menino.
The new headquarters is designed to achieve LEED Silver certification, and will be nearly 20 percent more energy efficient than a typical large modern office building. CBT/Childs Bertman Tseckares of Boston designed Liberty Mutual's building at 157 Berkeley Street. Colliers Meredith & Grew is the project's development manager. Turner Construction Company is the project's construction manager.
This project is one of more than 50 housing and economic development projects, both renovation and new construction, expected to break ground this year, totaling more than $1 billion dollars in development investments in the Commonwealth. Each of these projects has been initiated by an investment from the Patrick-Murray Administration. Together, they will create thousands of jobs throughout Massachusetts.
This recent investment is just one part of the Administration's multi-pronged strategy for growth through supporting small businesses; regional economic development; and strategic investments in education, infrastructure and innovation. Key to supporting this strategy is partnership with local communities and the private sector that fosters residential and commercial growth, and the successful leveraging of a number of state resources that spur that growth including:
- The Growth Districts Initiative - by working with communities to plan ahead for new growth and development that is consistent with their long-term community vision, regional needs and with the Commonwealth's sustainable development principles, the Administration is creating an entire network of places around the state where new growth is being welcomed and encouraged.
- The Chapter 43D Expedited Permitting - by working with communities to support prompt and predictable permitting for development that is consistent with community plans, dozens of communities have made a commitment to issue permits for commercial development in six months or less in order to helps facilitate targeted economic development that is consistent with their long-term plans.
- The Massachusetts Opportunity Relocation and Expansion (MORE) Jobs Capital program - by targeting public infrastructure investments and improvements needed to support private development activity and business expansion, cities and towns get the tools they need to spur economic development, job retention and expansion.
- The newly reformed Economic Development Incentive Program (EDIP) - by partnering with companies and municipalities focused on job creation, manufacturing job retention and private investment, the Administration is working to stimulate business growth throughout the Commonwealth.
- Through a wide array of state and federal programs administered by the state Department of Housing and Community Development, the Commonwealth can provide direct financial assistance, where appropriate, to residential and commercial development projects through low-cost financing, tax credits and other forms of financial support.