UMass Lowell’s East Campus may look very different than it does now in just a few years.
The university has announced that it is offering 10 acres and more than 1 million square feet for mixed-use development across five parcels of land.
UMass Lowell Chancellor Jacquie Moloney said in a news release that the space could be used for a variety of buildings and businesses, including research and office space, retail, arts and entertainment, athletic facilities, new residences, or parking.
“This is a tremendous opportunity to create an urban district to benefit the university community, the residents of Lowell, and the corporate and non-profit partners,” Moloney said in the release.
Two of the parcels of land are federally designated as an Opportunity Zone, meaning that those areas have been targeted for economic development. This designation means that investors who develop there will receive generous tax benefits for doing so.
Moloney said the university will continue to consult with the city as well as the university community as proposals are submitted and considered.
UMass President Marty Meehan, who also worked to develop the university’s East Campus when he served as UMass Lowell’s chancellor, said efforts to continue developing the area have been discussed for a decade.
“We want to look at every opportunity to create an exciting and engaging environment for every member of the Lowell community,” Meehan said in the release.
“Whether you’re coming from your residence hall to your internship at a new company’s research lab or traveling from Lowell to see the River Hawks play at the Tsongas Center, the economic and quality of life impacts of this development will be profound.”
“It will be key in bolstering efforts to bring new and exciting businesses and entertainment opportunities home to Lowell,” City Manager Eileen Donoghue said in the release.
According to Boston Business Journal, UMass Lowell is the latest in a slew of Massachusetts universities that have taken to developing their unused land in the last several years.
Stay up to date on all the latest news from Boston.com