As MGM Springfield, the 960-million casino hotel in downtown Springfield, Massachusetts, is now operational, owner MGM Resorts International is reportedly looking at alternatives to devote to a previously announced project for off-site housing.
The vegas gaming and hospitality giant had said that it would add housing as part of its bigger integrated resort job in town. However, it introduced a redesign of the property that did not include on-site housing options. MGM reported that the housing section of the project will be shrouded in a brand new site. Its commitment involved the building of around 54 market-rate apartment units at the central part of Springfield.
The gaming company is now confronting a March 1, 2019 deadline from the Massachusetts Gaming Commission to find a place for the housing scheme and type out other important details in connection with its materialization, or to give up about the job and proceed.
In accordance with local news outlet WAMC, MGM officials are looking at a long-vacated historic building located just a block out of its brand-new resort.
City Officials Boost the Project
It was known that Springfield Mayor Domenic Sarno along with the city’s leading Economic Development Officer, Kevin Kennedy, have made comments of encouragement for the renovation of their long-vacant block-long construction . The 31 Elm Street property has been unoccupied for more than three decades as different investment and redevelopment proposals have fallen through.
The property is presently owned by the Springfield Redevelopment Authority. Springfield’s Opal Real Estate and Boston’s WinnDevelopment have been hired to direct the latest redevelopment effort. It was last year when it was first proposed as the possible site for MGM’s housing project. Back then, discussions involved the vegas firm investing $11 million to the project. The total cost for the scheme was estimated at between $35 million and $45 million. WAMC reports that new estimates have set the housing plan a $50 million-$55 million price tag.
Seth Stratton, MGM Springfield’s Vice President and General Counsel, has told local press that there were continuing and productive talks with state and city officials and the development group about how the job would be financed. The casino official further pointed out that they might not be there yet but were nearer than they had been ever before and that was why talks would continue.
The MGM Springfield integrated resort opened to the public on August 24. According to initial information provided by the programmer, approximately 50,000 people visit the land throughout the evenings and 25,000 on weekdays, therefore surpassing MGM’s original expectations. The complex is home to Massachusetts’ first business casino. A second property of the type is set to open doors next summer in the Greater Boston region. Another Las Vegas giant — Wynn Resorts — is developing that one.
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