Tim Burke, CEO and director of Mill Town, speaks at Thursday's announcement about the development plans for the parcel. 

PITTSFIELD, Mass. — Mill Town Capital is continuing its investment in the city by purchasing 4.7 acres of Site 9, William Stanley Business Park's largest parcel.

Across the street at 100 Woodlawn Ave., the investment firm intends to build a mixed-use development that includes housing. This will be a far cry from the abandoned, moonscape-looking block that General Electric left behind.  

"Mill Town has had an interest in Site 9 since 2018. During this time, we have invested in it and developed over 200 units of housing in Pittsfield, with a particular focus on the Tyler Street Neighborhood," said Timothy Burke, CEO and managing director, at a press conference on Thursday morning.

"Our financial support is also extended to the Berkshire Innovation Center, the Tyler Street Lab, the Berkshire Dream Center, all the Tyler Street neighborhood, and numerous other regional nonprofit organizations. Overall, we have invested over $80 million in the region, addressing crucial needs and supporting local assets across various sectors and platforms, much of which is community driven."

The Pittsfield Economic Development Authority approved a letter of intent for the sale on Thursday and over the next couple of months, it is expected to become a definitive purchase agreement.

The price is $200,000 for the 4.7 acre parcel at Site 9. The 100 Woodlawn block will be conveyed to Mill Town for the purchase price equal to PEDA's cost of acquiring and reconveying the parcel.

Mill Town's vision includes evaluating the development of a commercial building upwards of 20,000 square feet to provide office and lab scape for growing local businesses.

"We've been having conversations with mostly local businesses for quite a while now and I think there is a lack of Class A office space out there for growing local companies so we have a group of companies that we're working with to define their needs," Burke said.

"And I think now that we're at this point where we can hopefully progress to the next step. We're going be looking to network with other businesses as well but I think our approach would be looking to secure local companies that are growing and looking to add jobs and running out of their current space and then potentially looking to add some capacity for companies that may be looking to start or move here from other locations but I think the first focus is on local businesses that we know, that we work with, that are already growing."