Commercial Properties in Norwood Filling Up Fast
Investment in Infrastructure on University Avenue Attracts Business
Norwood, MA (Vocus/PRWEB) January 10, 2011
When French Packaging Services owner, Warren French, was searching for a new Massachusetts location for his business, the town of Norwood turned out to be the perfect fit. After searching all over the Greater Boston area–from as far south as Canton to the northern city of Woburn–French found Norwood's business climate to be superior.
“Norwood really has it all,” French said. “From the tax rates, to a great local electric company to outstanding infrastructure.”
After doing business in Auberndale–one of the 13 villages of Newton, Massachusetts–since 1980, French wanted to expand his company. He also wanted to be part of what he says is a burgeoning southern expansion.
“There was a big northern expansion for a while and everyone started going up along Route 3,” French said. “Now, rates have risen in those areas, so companies are looking further down south at places like Fall River and Attleboro. Our position in Norwood puts us right on the head of the spear for that whole southern expansion.”
Located approximately 15 miles from downtown Boston, Norwood is a small town with big appeal for commercial and industrial property owners and tenants. The town is comprised of 44 percent commercial property, a figure that reflects the Norwood Board of Selectmen's willingness to welcome new businesses and provide a slew of incentives. Jerry Kelleher, Chairman of the Norwood Board of Selectmen, said the town's low tax rate is due to its “outstanding commercial property owners.”
“We also have our own municipal light department, our own electric department and three commuter rail stops,” Kelleher sad. “One of our goals is to help businesses find a home in Norwood.”
To that end, the town works closely with business owners to get them up and running. When French Packaging Services, which will be operational in Norwood by year's end, first began working with the town of Norwood, Warren French experienced immediate results.
“Steve Costello, the business ombudsman and town planner, has been with me since day one of the move, telling me who to contact and how to get things done,” French said.
One of French's neighbors in Norwood is a large-scale, 449,555 - square-foot, three-building distribution center on 55 acres at 625 University Avenue. Located just 200 yards away from French Packaging's 30,000 feet of leased space on Oceana Way, the property at 625 University Avenue is partly owned by Hackman Capital Partners, LLC, a private real estate investment firm that has acquired or developed more than a billion dollars of property over the past 24 years. Michael Hackman, founder and chief executive officer of Hackman Capital, said the vacancy rates in Norwood are falling fast due to the town's myriad attractive qualities.
“Norwood is racking up commercial tenants even in these difficult economic times,” Hackman said. “Our property on University Avenue has become even more appealing in recent years, as $2 million have been spent improving University Avenue between Route 1 and Canton Street. The plantings, granite curbing and resurfacing are all perks for us and our tenants.”
Kelleher said the improvement project was funded by a Massachusetts Public Works economic development grant.
“In order to attract top notch businesses you have to have the infrastructure,” Kelleher said. “This grant allowed us to fix the roads and ensure easy, smooth access.”
With top-notch employers like UPS, Analog Devices, and Mercer Human Resources Consulting, Norwood's unemployment rates dropped in recent months from 8 percent to 7.1 percent, according to the Massachusetts Executive Office of Labor and Workforce Development. And the local coffers are stable, according to Kelleher, who said the town has a healthy stabilization fund. Kelleher also said that Norwood is one of the few Massachusetts towns that has not had to override Proposition 2 ½, a 1982 measure that capped property tax hikes at 2.5 percent.
“A lot of towns have had to override that measure for operational purposes, but Norwood has been able to keep the measure in place,” Kelleher said.
Not only is the business climate booming in Norwood, but education in the area is reaching new highs as well. A new public high school will open in Norwood next year, making the town the first in the state to have a school designed and built under the Massachusetts State Model School Program. The $53.5 million high school was approved by 84 percent of the town's residents, according to Courtney Rau, a member of the Norwood Public Schools Committee.
“We are getting fifty-nine percent reimbursement from the state of Massachusetts to build this brand new, state-of-the art high school in Norwood,” Rau said. “The residents have come out in droves to support it.”
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