Investor excited by future of Mill Street Office Park

Date: 10/12/2010

Oct. 11, 2010

By G. Michael Dobbs

Managing Editor



SPRINGFIELD -- Walter Kroll stretched out his arms and looked around his office. "This is my 401K," he said of the investment he has made in Springfield by buying the historic Mill River Office and Warehouse Park off of Mill St.

Kroll, a Springfield resident for over a decade and the president of the McKnight Neighborhood Council, bought the complex of buildings in June.

Managing the complex is his second full-time job. He also is a regional account manager for Sprint.

He explained the purchase was based on two events. He and his wife had successfully bought, renovated and sold a home in the McKnight neighborhood, some-thing that appealed to the couple's interest in local history and re-building their city.

The second was the drop he saw in his 401K account because of the recession. He explained he would rather make an investment in his city than send his money to an investment firm.

"I'm putting my money where my mouth is," he said.

The office park has a rich history, he said. It was the third part of the U.S. Armory complex -- the other two being where Springfield Technical Community College is and the buildings on the end of Lake Massasoit at the foot of Allen Street.

Kroll said the foundation for the water wheel on the Mill River, which provided power for the shops, is still standing. He has found several tools on the site, a drill press and a lathe, from the armory days.

Kroll believes the complex has both advantages and potential. It has a large area of free parking, is minutes from downtown and only a half-mile from Interstate 91. It also has a large variety of different kinds of space. On the second floor of the middle building, where Kroll's management office is located, there are a number of small offices, which Kroll said are perfect for people whose home business has outgrown its original space.

He sees these smaller offices as "almost incubator space."

On the first floor of the same building there are larger spaces with high ceilings that are what Kroll described as "more modern."

There is also warehouse space in the complex.

Kroll said the complex has about 45 percent occupancy at this time.

"We have a lot of available space," he said.

"We like to view it as the 'undowntown,'" he added.

The space is attracting people, as Kroll has welcomed five new tenants in five weeks. One of the additional advantages is a substantially lower cost for his space. Kroll said downtown office runs about $15 a square foot, while his rate is a third of that.

Kroll likes the fact his tenants are an interesting mix and sees the complex as a "melting pot."

For the future, Kroll would like to restore the water wheel that provided power to the complex, only this time it would generate electricity.

He would also like to attract artists looking for studio space to the complex and renovate spaces that would face the river.