Springfield Crossing: Transforming Eastfield Mall into a Modern Mixed-Use Destination

The new Springfield Crossing development, led by Onyx Partners, is transforming the former Eastfield Mall site in Springfield into a 360,000-square-foot complex featuring retail, restaurant, and commercial space anchored by BJ’s, Hobby Lobby, and Target. 

To support this economic development project, MassDevelopment issued an $8 million special obligation revenue bond – purchased by Western Alliance Bank – to fund public infrastructure improvements including roads and utilities as well as demolition, environmental remediation, and site preparation to make the site pad ready. 

MassDevelopment issued the bond under the District Improvement Financing (DIF) statute, a locally enacted tool that enables municipalities and developers to identify and capture new incremental tax revenues  generated by private investment in a designated area and reinvest those funds into public infrastructure improvements and economic development projects.