Between Red and Green is Gold
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|It's rare for large scale housing to be developed in Somerville, one of the nation's most densely populated municipalities. But Davis Square Partners' Ted Tobin tells us next month they'll break ground on the $52.5M, 199 unit Maxwell?s Green on five acres between a Red and future Green Line T stop. Ted says his group spent seven years assembling and permitting this complex triangular site near a future bike path and live train tracks (over which they'll build a bridge). He says it's unheard of to acquire five acres in tightly packed Somerville for any project, let alone one with lots of green space. But Davis, a partnership between KSS Realty, Gates Residential, and a private equity source, invested here because they like the location, walking distance to Porter and Davis squares, an area where rents and property values have held during the downturn.|
|It'lll take 20 months to build Maxwell?s Green, designed by ICON Architects. Among the 175 rental apartments, the two-bedrooms will rent for $2,500. Another party in the project, GFC Development, will deliver 15 townhouse condos to sell in the high $500k's. Sitting so close to Davis Square with its Red Line T stop and the soon-to-be-built Green Line stop at Lowell Street, Ted says that Maxwell?s Green will attract lots of people in their 20s and 30s who use the T, ride bikes, and like the busy nightlife in the nearby restaurants, clubs, and theaters. They're also likely to appreciate that the land is a redeveloped brownfields site. Indeed, Mayor Joseph Curtatone says that Maxwell?s marks the start of ?an eraof transit-oriented development in Somerville.?|