Real estate vet to head MassDevelopment
The Patrick administration has tapped Marty Jones, a longtime local commercial real estate executive, to run one of the state's leading economic development agencies.
Jones is currently president of Corcoran Jennison Cos. in Boston. Her selection as chief executive of Massachusetts Development Finance Agency is one of the major moves by the Patrick administration to exert more control over the state's far-flung quasi-public agencies. The administration had forced Jones' predecessor, Robert Culver, to resign earlier this year, one of three agency chiefs recently broomed out.
The governor's office has also been trying to reduce the cost of running the agencies, including reducing some high salaries they do not believe can be justified. Jones, for example, will make $215,000 a year, $84,000 less than Culver.
MassDevelopment lends money and makes grants to help businesses expand, and also redevelops government property to stimulate new investment. In the last fiscal year it invested $1.4 billion in 238 projects in 104 communities.
Jones, who began her housing career with the U.S. Department of Housing and Urban Development, joined Corcoran Jennison in 1979.
Greg Bialecki, chairman of the MassDevelopment board and Gov. Patrick's secretary for housing and economic development, said Jones's experience bringing real estate projects to fruition will help the agency.
"She is the right person at the right time to lead an agency that plays a significant role in achieving our larger economic development goals of revitalizing communities and expanding opportunity throughout the Commonwealth," he said.
Jones, 57, graduated from Brown University and lives in Winchester. Corcoran Jennison has properties in 15 states, including residential housing, hotels, academic buildings, retail space and golf courses. It manages more than 24,000 residential units with 2,000 employees.
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