Mayor Richard J. Kos announced today that SilverBrick Group, LLC has signed a purchase and sale agreement to acquire the Cabotville Industrial Complex with plans to redevelop the property as a mixed-use development.
The SilverBrick Group is headquartered in New York, NY and is a privately held real estate investment company that acquires and manages commercial real estate for qualified individuals. The principals of SilverBrick have over 100 years of combined experience and their precise investment methodology has consistently produced exceptional returns.
SivlerBrick has recently filed a Special Permit with the Chicopee City Council for approvals of a mixed-use redevelopment at the Cabotville Mills including up to 600 market rate housing units and 200,000 square feet of commercial space. SilverBrick is proposing two (2) phases for this project with the construction of 300 housing units in Phase 1 beginning later this year.
“This is going to be a transformational project that will clearly benefit the community. We believe that this project will be a catalyst for further revitalization in Chicopee Center and throughout the City” said Michael L. Vedovelli, Director of Community and Economic Development for the City.
Lee Pouliot, Director of Planning & Development describes the project as, “a significant development and investment in the West End Neighborhood. For many years and through a number of planning exercises, Cabotville has been looked to as the key to unlocking the neighborhood’s development potential. The catalytic impact of this redevelopment project on Chicopee Center will result in further revitalization truly making the West End a place to live, work and play.”
SilverBrick’s goal is to enhance the buildings’ architectural presence while showcasing the historic properties and aspects of each individual building. On the interior, SilverBrick plans to highlight architectural elements that will accentuate the history of the buildings, such as old brickwork, rough-hewn beams and exposed steel and wood.
"SilverBrick is excited to move forward with a mixed-use development of up to 600 luxury residential units with world-class amenities, office and light manufacturing in the Cabotville Industrial Park. We think Chicopee’s location and excellent reputation for quality schools, police and fire departments, and overall municipal services are a perfect fit for the luxury loft style apartments we specialize in” said Aaron J. Papowitz, SiverBrick’s Founder & Managing Principal.
In 2015, the City was awarded a $2.6 million MassWorks Infrastructure Grant by the Commonwealth of Massachusetts to support redevelopment of the neighboring Dwight Manufacturing Mill #7 (Lyman Mills). The grant will also support infrastructure upgrades needed to allow the Cabotville project to advance. These infrastructure improvements are currently under design and will be completed in time for each of these mill conversion projects.
“This begins a new chapter in Chicopee Center’s redevelopment. Market rate housing is a necessary component to the economic success of any downtown and we will build and expand on this project’s success" said Mayor Kos. “We will continue to work with the SilverBrick Group as this type of project has been called a game changer for our City.”