City leaders in Westfield have designated 5 acres as an economic revitalization area tied to the proposed development of a 60,000-square-foot medical office building.
The Westfield City Council approved a resolution during its Oct. 10 meeting to declare the ERA for the project being developed at 535 Park St. by Nexcore Companies LLC. Kai Chuck, economic development director for the city, told the council that the three-story development is a $34 million investment and would create 32 new jobs with an average wage of $35 per hour.
Nexcore Companies is also seeking a 10-year tax abatement for the project, with the first three years abated at 40 percent and the remainder of the term at 30 percent, according to Kai. If approved, the company would save more than $2 million during the 10-year period, Kai said.
The declaration of the ERA is the first step in obtaining a tax abatement. The council will also consider a confirmatory resolution at its Oct. 24 meeting to finalize the process.
The project by Nexcore Companies was initially presented at the council’s Sept. 12 meeting, when Nedra Moran, a consultant with Indianapolis-based Healthcare4Tomorrow, presented details about the Grand Millennium development.
Moran said the building will feature space for surgeries, a laboratory, a wound care center and a radiology department. The 60,000-square-foot medical office building, which is expected to be completed by December 2023, is one of several spaces tied to the Grand Millennium project, a mixed-use development with residential, entertainment and multi-family components.
One of the anchors of the $190 million Grand Millennium development is the new Westfield Washington Public Library, while a four-story apartment building with retail stores on the first floor and several high-end restaurants are also planned. A convention center with several hotels is also targeted for the space.
The entire project is expected to be completed in 2027, according to officials. Westfield Washington Public Library officials chose Grand Millennium for construction of a new, $16 million library because of pedestrian activity in the area.
WWPL Executive Director Sheryl Sollars said earlier this year that the area was chosen because it will be within walking distance with Grand Junction and restaurant row, adding that library officials felt the area “will soon be exploding with lots of things going on.”