Brownfield Tax Credit Helps Create Girard Building
The Girard building, Boston’s newest high-end residential building located in the city’s South End at 600 Harrison Avenue, recently opened and is quickly filling up. The Girard offers a residential experience of the highest quality that brings a content-rich living experience to a premier location. Developed by New Atlantic Development, a premier developer with decades of experience building in Boston, the building reinvigorates a former parking lot and continues the buildout of one of the leading neighborhoods in Boston.
The project was supported by the Massachusetts Brownfields Tax Credit. 600 Harrison Avenue Associates LLC, an entity formed by New Atlantic Development, received more than $2,000,000 of tax credits issued by the Massachusetts Department of Revenue (DOR). The credits helped to offset the redevelopment costs, which were significant due to the contamination that was found on the site and needed to be remediated to reach a condition of No Significant Risk under the Department of Environmental Protection (DEP) guidelines.
Due diligence activities revealed a release of metals, polynuclear aromatic hydrocarbons (PAHs), and petroleum hydrocarbons in the soil at the property. The developer’s Licensed Site Professional (LSP) attributed the source of the release to the nature of the historic fill used to fill and reclaim the land in this area of Boston. 600 Harrison Avenue Associates LLC remediated the site and re-invigorated this location by constructing the Girard building, a 193,000-sf building including luxury apartments and ground floor retail.
The Massachusetts Brownfields Tax Credit program is intended to incentivize developers to take on the responsibility of properties contaminated by prior uses when they are used for commercial purposes. Cooperstown Environmental is the leading authority in the tax credit program and assisted 600 Harrison Avenue Associates LLC in applying for and obtaining this credit. Cooperstown is also syndicating the credits to provide cash to the developer.
Have you conducted remediation for contamination that you did not cause? You might be eligible to get money back through Brownfields Tax Credit program and our mission is to help you take advantage of this opportunity. As the acknowledged authority in the Massachusetts Brownfield Tax Credit, we’re your best choice to guide you through the complexities of the program. Please contact us to find out if you are a candidate to get back some of your hard-earned money.