Springfield Elm Street block restoration plan climbs in cost; developer pursues more funds, tax credits
A developer said this week that a plan to redevelop a long-vacant historic block on Elm Street at Court Square has risen in cost to an estimated $50 million to $55 million. That makes the next 60-90 days critical developers try to secure additional funds to make the project a reality. Peter A. Picknelly, who is part of the development team seeking to restore the building at 13-31 Elm St. as market-rate housing, said there are challenges to fully funding the project, but also a unified effort by the developers, government officials and MGM Springfield.