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Community Investments
True to its heritage, the City of Lowell continually invests in its future while retaining its rich history, culture and quality of life. Lowell first "reinvented" itself in the early 1980s when some of the world's leading high-tech firms established their corporate headquarters here.
Today, public/private partnerships are the driving force behind the immense level of community investment currently underway in Lowell. Leading the way in economic and community development project are the Lowell Plan, a private, non-profit economic development corporation, its sister agency, the Lowell Development and Financial Corporation and the City's Division of Planning and Development.
Working with state and federal officials, these groups sponsor programs and incentives to encourage private investment in building renovations, infrastructure improvements, business development, and job creation.
Examples of Major Private/Public Investments in the City of Lowell
| Project | Cost | Status |
|---|---|---|
| Cross Point Towers | $ 17M | Completed in 1996 |
| 7,800 seat Paul Tsongas Arena | $ 28M | Completed in 1998 |
| 5,000 seat LeLacheur Baseball Park | $ 10M | Completed in 1998 |
| Lowell Public Schools | $ 100M | In Progress |
| Lowell High School Renovations | $ 41M | Complete |
| Massachusetts Mills Renovations | $ 58.5M | Phase I, Phase II |
| Canal Place III | $ 11M | Completed |
| Boott Cotton Mills apartments | $ 25M | Completed |
| Lawrence Mills/Renaissance on the River | $ 25M | In Progress |
| 305 Dutton apartments | $ 25M | Completed |
| Lowell General Hospital Cancer Center | $ 13M | Completed |
| Lowell Brewery | $ 2.3M | Completed |
| Acre Market Basket | $ 8-10M | Completed in 1997 |
| Bon Marche Building Renovations | $ 6.3M | Completed |
| LRTA Expansion | $13K | Completed |
| UMass Lowell Facility Improvements | $ 10.6M | In Progress |
| Lowell Canal Improvements | $ 7.72M | In Progress |
| Arcand Drive Configuration | $ 2M | Completed |
| Roadway and Traffic Signal Improvements | $ 14.5M | Completed |
| Lowell Water Treatment Facility Upgrade | $ 8.3M | Completed |
From 1975 to the mid 1990s, more than 250 historic buildings have been restored. Sixty-three structures alone generated $52 million in private investment with only $5.4 million in federal loans and grants. Since early 2003, investment in the Downtown Lowell Historic District and Acre Neighborhood District has been unprecedented with over $200 million in development completed, underway, or planned amongst 33 projects through 2006.
First Time Home Buyers Assistance Program: Since 1992, the Merrimack Valley Housing Partnership, the Lowell Development and Financial Corporation and the City of Lowell have assisted over 195 families purchase their first homes. This represents an investment of over $12,315,222.