$6 Million Bond to Help Square One Rebuild Early-education Center
SPRINGFIELD — MassDevelopment has issued a $6 million tax-exempt bond on behalf of Springfield Day Nursery Corp., which does business as Square One, to help the organization buy a 1.53-acre parcel at 947 Main St. in Springfield, where it will build a 26,000-square-foot early-education center.
The new building will be situated at the site of the organization’s former long-time location that was destroyed by a tornado in 2011. It will feature four early learning classrooms — including one room for 24-hour care — workforce-development programming for families, early-childhood mental-health services, family-support programs, and administrative offices. Construction began in June 2024 and is expected to be completed in spring 2025.
The tax-exempt bond, purchased by PB Partners Inc., an affiliate of PeoplesBank, helped Square One achieve a lower cost of capital. The project is also being supported by funding from new-market tax credits, state and city grant awards, and a capital campaign.
“Square One has a long legacy of providing early education and childcare in Springfield, supporting families and strengthening the local economy,” said Dan O’Connell, acting MassDevelopment president and CEO. “MassDevelopment is pleased to partner with PeoplesBank on delivering tax-exempt bond financing that will help the organization rebuild and restore key programming and services at its former home in Springfield’s South End neighborhood.”
Brian Canina, president of PeoplesBank, added that “PeoplesBank has a long history of supporting organizations in Springfield, and the region, who are working to make life better for their community, and our support of Square One has been a constant through the years. A good relationship with a bank goes so far beyond dollars and cents, beyond term loans and lines of credit. It goes back to the people and an unwavering belief in the mission. We believe in Square One, their people, and their mission, and we are proud to play a role in their bright future.”
MassDevelopment has previously supported Springfield Day Nursery, beginning in 2001, by providing loan financing to help the company renovate facilities in the city.
“We are so grateful to MassDevelopment and PeoplesBank for providing the financial support we need to expand our reach and positively impact the lives of more children and families in our region,” Square One President and CEO Dawn DiStefano said. “We believe this project clearly reflects the investment needed to close the opportunity gap in our region, providing children with a foundation for long-term success and economic stability for families and businesses.”