Quincy Center District Improvement Financing Study
RKG Associates partnered in the amending of Quincy, MA's urban renewal plan in support of new and planned redevelopment in its downtown. In the mid-2000s, the dense, richly diverse city just south of Boston rezoned its downtown to allow for a mix of mid-to-high rise development that would encourage higher density, transit-oriented development. Several major obstacles, however, impeded its implementation, including many small lots, high land assemblage costs, and needed infrastructure improvements. A parking garage at the Quincy Center MBTA station had recently closed due to its deteriorating condition, and represented another key asset for redevelopment in the amended plan.
RKG Associates prepared a financial plan for the revised redevelopment program, and estimated a funding capacity of $175 million for public-sector improvements that would support the revitalization. A District Improvement Financing (DIF) plan for the downtown area was a key component in leveraging new value-added assessments to repay DIF bonds.
The City completed a $30 million roadway project, plus another $10 million in spending on utility grades and other planning initiatives. Four major projects subsequently commenced in Quincy Center as part of a unique public-private partnership that is redefining the rapidly growing and historic city.
Photo Credit: Cliveden Place, BLDUP