Developer Buys Andover Site With 334-Unit Plan: The Boston Deal Sheet
A Houston-based development firm has acquired a vacant site in Andover with a vision for a multifamily project.
The Hanover Co. acquired 300 Minuteman Road in Andover for $2.5M from Spear Street Capital, according to public records.
Hanover regional development partner David Hall told Bisnow that the company is going through a visioning process with the town for a 334-unit project on the site. The project is also planned to include 515 parking spaces.
Spear Street had acquired the site for $9.5M in 2015. The company didn’t respond to Bisnow’s request for comment.
Hall said Hanover is also looking at pursuing a “friendly 40B” project under the state’s affordable housing law. The law allows developers to bypass certain zoning requirements in exchange for income-restricted housing.
Andover has already hit its 10% minimum under the law, so the project would be voluntary if approved, Hall said.
The project was described by town officials in April as the multifamily component to a "broader, multi-phased redevelopment" of Minuteman Park, a 1M SF office park in the area.
Other parcels in the campus have traded hands, most recently in April 2025, when Optimum Asset Management bought the 150 Minuteman Road lab building from BGO. Alexandria Real Estate Equities acquired several properties on Minuteman Road from Spear Street Capital and Atlantic Management for $314M in 2022, and it sold one of them in 2024.
SALES
K & L Realty Co. acquired the 116K SF office building at One Burlington Woods Drive for $8.5M from Griffith Properties. The property last sold for $26.6M in 2013. It is 60% occupied, with RW Holmes acting as the leasing broker.
LEASES
North Beverly Family Medicine signed a 3K SF lease at Cummings Properties’ 46 Dunham Ridge in Beverly. The building encompasses 500K SF of office, tech and lab space. It is home to other tenants, including Beth Israel Lahey Health and Coastal Clarity Oncology. Cummings represented itself, and North Beverly Family Medicine was represented by Jon Gray of J Barrett.
FINANCING
Boylston Properties acquired and secured financing for several properties in Newtonville with the intent to redevelop them, the company announced on LinkedIn last week. Boylston received $105M in financing from Wells Fargo, according to public records. The 78 Crafts St. project is planned for a 295-unit multifamily community with green space and amenities.
CONSTRUCTION AND DEVELOPMENT
Northland celebrated the topping off of the first building in its Pattern District redevelopment in Newton on Wednesday. It is the largest multifamily project in the city’s history, with more than 800 units, including 145 income-restricted units. The project also includes roughly 96K SF of retail space and a 1.5-acre park.
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Needham-based Onyx Partners plans to renovate the old You-Do-It Electronics building in the town, with plans to keep the old sign that sits atop the building. The developer paid $5.7M for the site in February from the electronic store’s owner, the Ahigian family.
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Atlantic Development revealed plans for a 315-unit senior housing project on a 15-acre office property at 1600 Crown Colony Drive in Quincy. The developer bought the site for $11M last year and plans to demolish the 240K SF office building.
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Greystar began construction on its 437 Whittenton St. redevelopment project in Taunton. The developer is turning the former Whittenton Mills site into 390 housing units. The site is set to become the largest modular residential project in Massachusetts. Demolition is scheduled to be completed in July, with construction set to start in late August.
