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June 26, 2018

Built Partnership Completes Acquisition of Historic Springfield Armory Watershops Property

Springfield, MA – Investor-developer Built Partnership LLC today announced the acquisition of the 140,000 square foot Armory Watershops site. The property is located at 1 Allen Street. 


Built Partnership anticipates an investment of over $5 million on the property, which will be used to redevelop and renovate the property for a variety of mixed uses, including high-tech light manufacturing, e-commerce, storage, and office space. Current tenants are also expected to initially remain on site.


“We were attracted to the energy here in Springfield,” stated Neel Shah, Built Partnership’s Chief Development Officer.  “The city is on the verge of a rebirth and we want to be part of it. This property, due to its prime location, potential for renovation, and fascinating history, was the right place to invest.”


Beginning in 1857, the Watershops served as the heavy manufacturing complex for the Springfield Armory.  The property was listed on the National Register of Historic Places in 1980.  The main building was severely damaged in 1988, when a fire destroyed part of the top floors. 


“We value the historic nature of this property”, continued Shah. “We are thinking creatively about how to adapt it to new uses to ensure that it remains a site of innovation in the 21stcentury, just as it was in decades past.”


Built Partnership hopes to announce further details, including partnerships with local stakeholders and activation of portions of the Watershops space, in the months ahead.


About Built Partnership LLC

Built Partnership brings together extensive and proven expertise in market intelligence, site selection, facility development and financial structuring and control in order to locate, develop, and manage mixed-use sites. 


Built Partnership’s investment strategy is to select high potential sites for development, including conversions of existing facilities. Our team applies its proven expertise in the industry to develop sites at attractive project costs that lease up quickly and gain substantial asset value.

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