D.C. group promises progress at Springfield complex
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By Susan Smallheer Herald Staff - Published: January 12, 2009
SPRINGFIELD — There might not seem to be much going on at the old Fellows Gear Shaper complex in downtown Springfield, but Springfield Regional Development Corp. officials say a lot of progress is being made toward its redevelopment.
One Hundred River Street LLC, a Washington, D.C.-based group, is leasing the former industrial complex from the owner, Precision Valley Development Corp., with a promise to purchase it.
But before that can happen, said Bob Flint, executive director of Springfield Regional Development Corp., the environmental cleanup must be either completed or well-diagnosed.
"This project represents a major influx of capital into the heart of our community and it will restore this iconic property to its rightful place as a center of activity in Springfield," Flint said. "It's exciting to see and we'll see a lot of work on it in 2009."
Select Board member Michael Knoras questioned what was going on with the planned rehabilitation. "There doesn't seem to be much activity," he said.
Flint said One Hundred River Street had already invested $500,000 into the building, and the asbestos cleanup had to be completed before any renovations could get under way.
Before there can be demolition of the more dilapidated portions of the complex, an agreement with the National Park Service has to be finalized, Flint said, noting that the historic focus is on the bridge to the cafeteria building and the yellow house on Pearl Street. "That still has to be hashed out," he said. The demolition plan has the blessing of the Vermont Division for Historic Preservation, Flint noted.
One Hundred River Street recently signed a long-term lease with Springfield Hospital for the Springfield Medical Group, which will be an anchor tenant for the ambitious $10 million redevelopment project.
One Hundred River Street leased the property in April, but there have been few visible signs of progress at the early 20th-century industrial complex, much of which is in dilapidated shape.
Flint told the Springfield Select Board Thursday that the asbestos removal at the old Fellows building is well under way and that a corrective action plan, which will lay out the remaining environmental work, is being finalized.
Flint said One Hundred River Street is leasing the building because it wouldn't be eligible for government clean-up funds as a private entity, compared to the nonprofit's status.
"In many ways, the PVDC-Fellows effort is a dress rehearsal for the eventual J&L Plant 1," Flint said, noting that many of the issues he is tackling for the redevelopment of the Fellows building he will also face at Jones & Lamson.
Precision Valley Development Corp. has owned the downtown Fellows building for about 25 years, and for years operated a small business incubator facility, but in recent years lost most of its tenants.
The renovation and rehabilitation of the old J&L building is being held up because of a lawsuit over pollution from a bordering property owned by Bradford Oil Co., Flint told the board.
The $1 million economic development fund, which the town received from the state as part of the state prison agreement, is still being held by the town in anticipation of the plant's redevelopment, Town Manager Robert Forguites said.
While about $160,000 was taken from the fund for the purchase of the J&L plant by SRDC, interest on the money has brought it back up to $1 million, Forguites said.
Contact Susan Smallheer at susan.smallheer@rutlandherald.com.
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