Rental units to join downtown’s residential inventory
By G. Michael Dobbsnews@thereminder.com
SPRINGFIELD – Next summer, 35 market-rate rental units are expected to join the downtown residential inventory at the former headquarters of the Springfield School Department.
David Nyberg, the owner and developer of the property, told Reminder Publications that renovation work continues on the building that was once the home of an insurance company.
According to information on the MassDevelopment website, Nyberg is the president of CSM & Companies, a real estate development firm that owns properties in Lowell, Worcester, Marlborough and Lawrence, among other New England cities. He started his company in 1998.
Nyberg said he has “never started a project without finishing it.” The project is completely financed, he added.
The sale of the former School Department building drew controversy when Mayor Domenic Sarno authorized the transaction for just $1, but Nyberg said there were “enormous up front costs” that were associated with the project, including environmental clean up.
Right now the rooms for the apartments have been partitioned and work on the installation of new wiring has begun, he said.
Nyberg said the units would either be one- or two-bedroom apartments with granite countertops and stainless steel appliances. Parking for tenants and visitors will be in two different lots, he added.
He noted the apartment that will be made out of the former office of the school superintendent will retain its elaborate chandelier and mahogany paneled walls.
Nyberg said he is “extra confident” the apartments will market test well. Although he said Springfield has had its “ups and downs,” he is used to working in markets such as this one.