Fitchburg Hopes New Park Can Boost Economy, Property Values
Installing a new park in downtown Fitchburg is about more than just building a new green space in town, according to Kurt Gaertner, manager of the state's Gateway City Parks program.
The program provides $6 million a year to help design and construct parks and green spaces in Gateway Cities, which are 24 communities the state had identified as priority investment areas.
Officials last week opened the newest Gateway City Park in Fitchburg, a 5.5-acre green space complete with benches, a public garden and walking trails.
But it's not all fun and games, Gaertner said. Some studies show there are economic benefits to having parks in a city. Residential property values around parks and green spaces, on average, are higher compared to properties in other areas. Proponents say parks increase the quality of life and public health of local residents and they help prevent blight.
Fitchburg officials are hoping just some of those benefits will come their way soon.
A Little Help
The newest Gateway Park, on the corner of Sheldon and West streets along the Nashua River, almost didn't happen.
It required multiple resources for it to come together, said Edward Manzi, president of Fidelity Bank, one of the partners that helped create the park.
But now that the park has opened, local officials are hoping it could help prop up a struggling real estate market in northern Worcester County and spur additional investment in the city.
According to a study from the American Planning Association, there are many examples of parks that have increased local property values. In Philadelphia, for example, parks are estimated to contribute $115 million annually to tourism, while increasing local property values nearly six times that: $689 million. And in Washington D.C., property located within 500 feet of a park is estimated to contribute $24 million to the $1.2 billion value of land near the green spaces.
Manzi isn't expecting home prices in Fitchburg to jump because there's a new park in the city. But he said it can't hurt.
"When you have a family or a business and they're looking for a place to settle, amenities matter," he said. "Are they a primary reason? No. It depends on the logistics, the specs of the business and the taxes, but with all else being equal, these things start making a difference."
Possible Investment
Local officials could find out soon if the park is attracting investment. A large vacant mill sits across the Nashua River from the park and has been permitted to be turned into more than 100 rental housing units for more than two years, according to local Planner Michael O'Hara. The New Hampshire-based developer still has permits for the project, but construction has not yet begun.
Building A Park
The process to create Fitchburg's newest park began in 2009 with the Trustees of Reservations, a Leominster-based group that advocates for conservation and open spaces. The organization purchased the land for the park thanks to a $350,000 grant from the state's Green Parks Program, within the Gateway City Parks program.
The trustees then donated the land to the city of Fitchburg. City officials then won a $976,000 grant from the state parks program to construct and design the park. Private businesses helped out too.
A wooded area next to the park had been proposed as the site of a new subdivision in 2006. It received financing from Fidelity Bank, but later fell through and the bank had to foreclose on the property.
Local land organizations, including the trustees and others in northern Worcester County, raised $62,000 to buy the land, while the bank donated another $62,000 to sell it at a discounted rate. The money allowed the park to have an adjacent open space area that will be protected from development.
Now, local officials are looking to reap the benefits of the investments.
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