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Date: 5/1/2015
HOLYOKE – A large change will take place at the exchange of Interstate 91 for the Holyoke Mall.
Developers intend to partially demolish the existing Holyoke Hotel, build a new hotel as well as an Applebee’s restaurant, another causal dining restaurant, retail spaces and one fast food restaurant.
Marcos Marrero, director of Planning and Economic Development, told Reminder Publications there hasn’t been a timeline established as yet for the new development. He said Applebee’s is the only tenant that has been confirmed and the developers, 66 Holyoke LLC – formerly known as Shield Management – is securing its additional tenants for the location.
Marrero said the Planning Board and other city officials have approved the development’s entire plan. The developers have been working with city officials for a year on the complex.
“The tenant has signed on and wants to start as soon as possible,” Marrero said. Demolition and construction will star this year, he added.
Marrero said he believes the development will be phased in with the elements of it brought in one at a time, which is allowed by the approved site plan.
While at this point he said there is not a “firm investment number,” he said the developers believe the property’s valuation will jump from about $3.4 million to about $9.4 million. The development is thought to bring in for the city a sizable increase in property taxes when completed – from its current $132,000 per year to between $350,000 and $400,000 per year.
According to a statement from Mayor Alex Morse’s office the development should created between 100 to 150 full time jobs and between 150 to 175 construction jobs.
The Department of Housing and Community Development will relocate the remaining homeless families from the Holyoke Hotel starting May 1.
The fast food restaurant would be positioned closest to Whiting Farms Road with the new hotel at the rear of the property closest to the highway, according to the site plan. The restaurants would be on the side of the property closest to Lower Westfield Road.
The existing gas station is not part of the property and will not be affected, Marrero added.
“This new development is great news for the surrounding neighborhood and for the entire city,” Morse said. “I commend Marcos, the Planning Board, and everyone at all levels of government who helped this project move forward. We expect that the site improvements will complement the commercial offerings in the Ingleside area, which already serves as a regional destination, reduce the appearance of blight and reduce the amount of police calls in the area. This project is a big win for Holyoke.”