If you’re not familiar with the ReadyMass 100, it is MassEcon’s exclusive portfolio of real estate assets that have been extensively vetted and designated as the premier building and land sites across Massachusetts. These properties are certified for immediate occupancy or development, and have met key criteria relating to infrastructure, permitting, size and readiness. Just last week, MassEcon selected 11 new properties to add to the portfolio. You may be wondering what it takes to make it on to this exclusive list, and how the decisions are made, so we thought we’d give you some insight into the process.
To begin with, all brokers or owners of these properties are required to complete a comprehensive application. After that, a committee meets to deliberate on the properties and decide which ones to select. Evaluating these properties is second nature for this group as the committee is made up of site consultants, engineers, architects, contractors, real estate professionals, and a representative of the state’s Executive Office of Housing and Economic Development. What always holds true is that if land sites are not permitted and ready to go they won’t be accepted for this list, and if existing buildings don’t “look good and aren’t appealing to the eye” they won’t be accepted either! Remember, there are many great sites across Massachusetts, but this list represents the “best of the best.” One question that is often asked is, “Is this a property that can be marketable at a national level?” Another key question that is always asked is, “Is this property easily accessible to and from major highways, airports, etc.?” If not, it’s unlikely to be accepted.
Throughout the process, properties are evaluated not only individually, but also collectively. Keeping a good balance and equal distribution of different properties throughout the Commonwealth is important. Properties located in development friendly communities always have an advantage when all else is equal. Properties designated as priority development sites and those that receive state funding for infrastructure improvement also have a leg up on their competition.
This year, MassEcon added some great new sites to further enhance the collective portfolio. Following are some highlights from this year’s most recent additions:
– Two renovated and redeveloped mill properties in Lawrence and Ludlow were added to the portfolio. Certain companies want to be located in a mill building and we need to have a supply to meet those needs.
– The Falmouth Technology Park was accepted and is the first ever property located on Cape Cod to make it on the Ready Mass 100 portfolio!
– Two high profile campus style developments in the same community were accepted in the portfolio, The Campus at Marlborough and Marlborough Hills.
– The former Boston Scientific HQ building in Natick was accepted in the portfolio. It includes 280,000 SF of class A office space overlooking a beautiful lake!
– A land site at 45 Jackson Road in Devens was accepted. It is considered the premier master planned mixed use development in the Commonwealth.
Our next ReadyMass 100 evaluation session will be held late this year. For more information on how to apply, or to be included on future ReadyMass 100 correspondence, please contact Doug Kehlhem at email@example.com or (617) 924-4600 x12. And stayed tuned: our 2014 Annual Conference will be focused around the ReadyMass 100, which should prove to be an exciting and informative morning!