April 6, 2011 - Boston, MA: Bob Dorfman, president of Dorfman Capital, announced the completion of a Massachusetts brownfields tax credit sale associated with Finard Properties and The Shops at Riverwood. The 106,000 square foot lifestyle center, anchored by a Price Rite Supermarket and home to Sovereign Bank, is currently in phased development.
Located adjacent to the Neponset River in Boston’s Hyde Park neighborhood, The Shops at Riverwood’s site once housed the Bay State Paper Mill, the oldest continuously operating paper mill in the United States until its closure in 2000. Redevelopment required the demolition of the old mill, but it has also included the environmental detoxification of eight-acres of brownfields, making it a vital part of the ongoing Neponset River Restoration Project.
By serving the more than 87,000 people living within a two-mile radius, The Shops at Riverwood exemplifies the transformation of a blighted, under-utilized, and polluted urban brownfield into an economically viable asset and socially regenerative reuse. Recycling existing urban real estate with nearby roads and utility infrastructure is a highly effective strategy to reinvigorate city neighborhoods while conserving undeveloped green spaces.
The Massachusetts Brownfields Tax Credit program provides incentives for developers of brownfields. Owners of commercial property, who have completed a 21-E cleanup since August 1998, may be eligible.