The 59-acre complex is located on both sides of Washington Street, near Route 95. The 11-building development contains 1.5 million sf and was gradually built up by Cummings over the last 30 years.
The current donation includes all of Cummings Park, West Cummings Park as well as other Woburn buildings. Properties in Stoneham, Wakefield, Wilmington, Sudbury, Burlington, Medford and Somerville were part of an earlier, similar donation by the family.
The two-million-sf Cummings Center in Beverly is not among the properties being donated. Cummings Properties' CFO, William Grant, said that a dozen other large buildings in North Woburn will also continue to be owned by the Cummings family.
"In total," Dennis Clarke, president of Cummings Properties, says, "43 buildings have now been donated, 15 this week, adding up to an aggregate of approximately 3.9 million sf currently in the Foundation's portfolio. For a true sense of the scale of the family's gifts, the Foundation's net worth jumped to more than $408 million with the latest donation."
The Cummings family's donation is not expected to have any effect upon the taxes of the donated assets. All of the properties will continue to be fully taxable in Woburn and in each of the other host towns.
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