SOMERVILLE, MA – PSG Framing, a custom archival framing company, will anchor the revitalization project of 130 Broadway in Somerville, a project that is part of the city’s vision for the future. Conveniently located in East Somerville, 130 Broadway is at the epicenter of a major $7 million streetscape improvement along Broadway.
The project’s extensive gut-renovation is scheduled to finish in early fall and will recapture the building’s historic façade, wrapped in brick with large glass storefronts.
PSG Framing will occupy the back portion of the 20,000 square-foot building. Upon completion, the highly visible and attractive storefronts will present a unique opportunity for retailers to mark their presence at the inception of the areas revitalization.
“PSG Framing is getting in early on what we think is going to become one of the hottest areas in metro Boston in the coming decade,” said Somerville’s Mayor Joseph A. Curtatone. “East Somerville is one of the most diverse neighborhoods in the entire nation, where most of the 52 languages spoken in our city can be heard. And with a new streetscape project poised to transform Broadway into a more pedestrian- and bikefriendly corridor, it should make the area a vibrant, multi-cultural mix of food, music and art. The new shops will find themselves at the epicenter of an emerging scene unlike anything in the metro Boston region and will be a perfect complement to the cultural fusion taking place in East Somerville.”
Harborlight Advisors and LÓNdesign managed the site sourcing, financing, design, selection of the general contractor, and worked closely with the City of Somerville during the permitting process. The team has also been retained for their leasing and construction management services.
MassDevelopment provided a $3.5 million loan from the New Markets Loan Fund to acquire and renovate the building for PSG Framing. The project is expected to create three new jobs within PSG Framing and countless others within the front retail portion.
“Moving to this new facility will help PSG reduce overhead, allowing the company to focus on what it does best: producing museum-quality frames and putting people to work,” said MassDevelopment Executive Vice President of Finance Programs, Laura Canter. “We’re pleased this low-interest loan will support this exciting new chapter in the history of this fine family business and help the City of Somerville revitalize this vital area.”
MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2010, MassDevelopment financed or managed 238 projects in 104 communities across the state generating investment of nearly $1.4 billion in the Massachusetts economy.
Harborlight Advisors is a Boston-based real estate investment and development consulting firm providing site selection, development management, financing, leasing and asset management services throughout New England.
LÓNdesign provides architectural services on commercial and residential buildings, the renovation and adaptive re-use of existing structures, and a special focus on projects with socially and environmentally responsible agendas.