Economic Benefits

This redevelopment proposal will help to boost Pittsfield’s economic engine through considerable economic benefits for the City. During phase one of this development, the Walmart Supercenter will bring the following economic benefits:

• Jobs: Approximately 350 construction jobs will be created over two years. Additionally, approximately 85-100 new full and part-time jobs will be created for just the retail portion of the project alone, totaling 300 jobs. Overall, the project as a whole will bring hundreds of new jobs to the City of Pittsfield with the other various uses are factored in.

• Revenue: This proposal will generate hundreds of thousands of dollars in property tax revenue annually to fund vital community services.

• Substantial Savings: The City and/or PEDA could save approximately $6-8 million in EPA mandates from  the replacement of the storm water discharge system as a result of Waterstone’s private development of this site.

• Private Investment: Waterstone is not seeking Government Grants or subsidies, public money, or Tax Increment Financing to make these or any improvements.

• Reviving the Land: Due to the vast oversupply of comparable existing vacant industrial facilities and developable land immediately available at literally a fraction of the cost, it is not economically viable for virtually any other use to develop this parcel.

It will take approximately $14 million of the $31 million project to cover the cost of access improvements, site work, remediation, capping, foundation and utilities to rehabilitate the parcel to a workable condition before any vertical construction can begin.