North Adams' Greylock Works Transforming Mill With Help From MassDevelopment Loan
June 13, 2018
FOR IMMEDIATE RELEASE
Contacts:
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
kabbruzzese@massdevelopment.com
Sal Perry, Greylock WORKS, 413-398-9114
work@greylockworks.com
MassDevelopment has provided a $1.1 million loan to Greylock WORKS LLC, the developer of the Greylock Mill, a former cotton-spinning mill campus in North Adams that Greylock WORKS is transforming into a mixed-use commercial development. The organization will use loan proceeds to continue renovations of the Weave Shed, which includes a 26,000-square-foot event venue and commercial kitchen where the owners have been producing regional festivals and dance parties, as well as hosting weddings and other private events.
This loan builds on significant support from the Baker-Polito Administration and MassDevelopment, including nearly $4 million in MassWorks Infrastructure Grant Program funding for North Adams. The two awards enabled the city to complete public infrastructure improvements necessary for the development’s ongoing construction.
“The Baker-Polito Administration has created a toolbox of flexible resources to support significant opportunities for economic growth in municipalities across the Commonwealth,” said Housing and Economic Development Secretary Jay Ash. “North Adams and the team behind Greylock WORKS have successfully layered multiple funding sources and tools to undertake a transformative development, which will create new jobs, attract visitors, build housing, and become an asset for the entire region.”
“MassDevelopment is pleased to continue our support of the Greylock WORKS efforts to revive a vacant, underused space in North Adams,” said MassDevelopment President and CEO Lauren Liss. “We look forward to seeing this former cotton mill transformed into a retail destination and event space for Berkshire residents and visitors alike.”
The Greylock Mill is a 240,000-square-foot former cotton spinning facility that stretches 700 feet along Route 2 in North Adams. Plans for the building’s campus include wholesale scaled artisanal food production, a boutique hotel, housing, and event space. The Baker-Polito Administration, through MassDevelopment, has worked with the developer across numerous aspects of the project, providing predevelopment funding and grants through the Brownfields Redevelopment Fund, the Site Readiness Program and the Collaborative Workspace Program.
“We’ve all seen the wrenching effect of once-vibrant industrial sites like this, languishing into blighted eyesores due to their scale and complexity,” said Sal Perry, development director of Greylock WORKS. “With the financial support and expertise of MassDevelopment, our team is writing a new chapter for this underutilized asset at the heart Northern Berkshire County. It’s about creating a catalyst for re-kindled aspirations at a regional level.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2017, MassDevelopment financed or managed 377 projects generating investment of more than $4.3 billion in the Massachusetts economy. These projects are projected to create about 9,488 jobs and build or rehabilitate 1,863 residential units.