A study commissioned for the city of Springfield, Massachusetts finds strong potential for new market-rate housing in the downtown area where a casino development is proposed.
The study says the market potential exists to build more than 1,500 units of market-rate housing over the next five years in downtown Springfield and the adjacent South End where MGM is proposing an $800 million casino. Study author Laurie Volk said the development of urban housing attractive to Millennials is not dependent on the casino, but would be enhanced by it.
The study said high development costs and available financing are challenges. There is a new state tax incentive program for market rate housing in the older so-called Gateway Cities such as Springfield.
