Specific location decision as part of implementation plan

One aspect of my venture that I have yet to finalize is how I will implement the transition to a permanent space as my venture begins to grow. In terms of affordability, Lowell offers some of the best access to low price commercial real estate in Massachusetts. Alongside support from other non-profits, there are also a number of resources for supporting location decisions.

The Lowell Office of Economic Development offers a commercial real estate database which will be very helpful in finding the right space to build my venture’s first permanent repair garage (http://www.lowellma.gov/depts/dpd/services/econdev/sitefinder). Although there is very little open space for building a new building, that probably wouldn’t be a financially viable route for our first dedicated site. Lowell has a number of large, vacant industrial complexes which are relatively affordable. The price of commercial real estate varies from $1.25-2 per square foot per month depending on the location and access to other resources. A repair garage which doesn’t need to interface directly with high paying customers should be able to occupy a space on the lower end of this price range.

As a more long term alternative, Lowell also offers advantageous support for permanently redeveloping a space. The MassDevelopment Brownfields Redevelopment Fund provides interest-free funding for environmental clean up and rehabilitation of industrial sites. This is supported by both the local government, and the EPA at a national level. If the right space is acquired it’s possible to get an interest free loan of up to $50,000 to support a project. Where this funding takes place on a case-by-case basis, it is very likely that a carefully constructed redevelopment plan could gain access to these funds. http://www.lowellma.gov/depts/dpd/services/econdev/brownfield

There are currently 52 local sites that were identified as vacant or underutilized and essentially have funding preapproval from the original redevelopment plan passed in 1996. If an interest free loan is not approved, there is also a $30 million allocation of state funding that provides favorable, low interest loans for redevelopment in the Lowell area. This will be a major consideration in further honing my location decision. One particular site of interest is a 900 space rebuilt parking garage with attached commercial real estate. This could be a very valuable resource is a partnership allowed for spaces to be rented for storing vehicles or providing them on a rental basis to clients.