City leaders in Westfield have approved a tax abatement for the development of a 60,000-square-foot medical office building.
Westfield City Council members voted 7-0 to approve the declaration of an economic revitalization area for the project being developed at 535 Park St. by Nexcore Companies LLC. The approval of the ERA finalizes the process tied to a tax abatement the company was seeking for the project, which is expected to be completed by December 2023.
The company will receive a 10-year tax abatement with the first three years abated at 40 percent and the remainder of the term at 30 percent. Nexcore Companies LLC will save more than $2 million during the 10-year period, said Kai Chuck, economic development director for the city.
The $34 million investment, which is expected to create 32 new jobs with an average wage of $35 per hour, was initially presented at the council’s Sept. 12 meeting. Nedra Moran, a consultant with Indianapolis-based Healthcare4Tomorrow, told the council at the time that the building will feature space for surgeries, a laboratory, a wound care center and a radiology department.
The medical office building is one of several spaces tied to the Grand Millennium project, a mixed-use development with residential, entertainment and multi-family components.
One of the anchors of the $190 million Grand Millennium development is the new Westfield Washington Public Library, while a four-story apartment building with retail stores on the first floor and several high-end restaurants are also planned. A convention center with several hotels is also targeted for the space.
The entire project is expected to be completed in 2027, according to officials. Westfield Washington Public Library officials previously said they chose Grand Millennium for construction of a new $16 million library because of pedestrian activity in the area.