Financial Capital: Hull, Ma

Financial capital is not just the literal money that a town has, it can be assets such as land that are easily turned into financial capital. In Hull, this comes in the form of the greatly disputed HRA plot of land. The land is named after the CBO that currently controls it, The Hull Redevelopment Authority. The Hull Redevelopment Authority was “tasked with creating a sense of place in the coastal Massachusetts community” (HRA, 2016). The HRA land has been a source of financial and community tension for many years. As of now the land is an empty plot in the center of town next to the beach. The HRA has recently hired JLL to help market and develop the land. JLL “is a professional services and investment management firm offering  specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate” (HRA, 2016). This is the first sign of development progress in many years. Every summer until now, the land has been auctioned off to the highest bidder, to be used for beach parking. Which ever community members wins the auction has the rights to the land for the summer to charge tourists for beach parking. This has been effective because it has contributed to local community members as entrepreneurs, and also provides a lot of summer jobs for Hull kids. The land plot up for discussion is 12.8 acres and was worth $3.5 million in 2013 (Commonwealth of Massachusetts, 2014). Currently, there is talk of the land being used to build condos within the next year with the assistance of the JLL developing team. It will be interesting to see what happens with the land after so many years of deliberation.

(HRA, 2016).

(HRA, 2016).