Report: Framingham had $253M in new construction since 2016
Photo | Grant Welker
A 75-unit development on Union Avenue in downtown Framingham is set to be complete by early fall.
In the last five years, Framingham has seen $253 million in new construction projects, according to a report released Wednesday by the city.
The report from Framingham’s Economic Development and Industrial Corporation (EDIC) and Planning and Community Development (P&CD) Division analyzed local data showing investment by developers and companies in the city. The study found $639 million in renovation, new construction, accessory projects and more in the past five years with $253 million of that being new construction.
Doug Lawrence, chair of the EDIC board, said the information is good news, illuminating not only are new developers building in the city, but residents and businesses are reinvesting.
According to the data, 77 new construction projects have been permitted in the last five years with 38 of those being multifamily residential developments. The remaining 39 projects are commercial buildings.
“Increased commercial development and new and renovated housing mean growing revenues, a better quality of life, and more jobs in the community,” Angela Randolph, the EDIC board vice chair, said in the report.
In addition to the development dollars, the projects have brought more than $8 million in fees to the city.
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