This Week's Boston Deal Sheet: Developer Wins Approval For Medford Square Project
A local developer won a bid to develop three vacant city-owned parcels in Medford, marking one of the biggest developments in the area in decades.
Transom Real Estate won a bid to develop parcels in Medford Square into 283 units of housing, the city of Medford announced Friday. The project would include housing, a 13,500 SF grocery store, a 2,500 SF café and a new parking lot.
“The Site offers a unique opportunity to reimagine a central artery of the City of Medford that today exists only as surface parking,” Transom staff wrote in their proposal. “Transom proposes a development that acknowledges the historic character of Medford Square while simultaneously leveraging distinct design and placemaking to create a dynamic and welcoming central hub.”
The project would include two apartment buildings on Clippership and Riverside Drive rising seven and four stories, as well as a four-story parking garage with 273 spaces that will also serve the nearby Chevalier Theatre.
The development is estimated to bring in more than $1M in annual tax revenue to the city.
SALES
Bain Capital and Botanic Properties acquired a manufacturing building at 45 Crosby Drive in Bedford for $26M. They plan to turn it into a 154K SF biomanufacturing facility. The joint venture bought the property from Fujifilm, which acquired the property in 2001 for $2.4M from chemical company BASF Corp.
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Hunt Capital transferred its limited partner interest at the Dudley Village South and Adams Court affordable housing communities to its nonprofit partners, Dorchester Bay Economic Development Corp. and Nuestra Comunidad Development Corp. The two communities comprise 121 units in total.
LEASES
Park Bagelry signed a lease at King Street Properties' Allston Labworks development. The café and bakery will join several other retailers in the 20K SF ground-floor retail space. The 535K SF life sciences development also includes 35 apartment units and 1.1 acres of open space. Other retailers in the space include Diesel, Bloc and Forge Baking Co. & Ice Cream.
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Samuels & Associates announced that restaurant Salty Days Fish Co. and J. Crew Factory will open at The Launch at Hingham Shipyard this year. Children's playspace operator Kids Empire also signed a 10K SF lease at the property.
CONSTRUCTION AND DEVELOPMENT
The Cruz Cos. won a bid to build a new apartment complex on land owned by the New Bedford Housing Authority, SouthCoast Today reported. The Roxbury-based development company won the bid for the vacant site on Coggeshall Street and will enter into a 99-year lease with the housing authority.
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Construction is set to start on the next two buildings at HYM Investment Group's Suffolk Downs project in East Boston and Revere, the Boston Business Journal reported. The two new buildings are a 473-unit residential building and a 150-room hotel. They follow the first development: the 475-unit Amaya residential building. The residential building is slated for completion in 2027.
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Northland Investment Corp. won approval for a scaled-back mixed-use project in Newton Upper Falls, the BBJ reported. The 23-acre project includes five fewer buildings and a residential conversion of a mill building instead of office. The project also includes 22 additional housing units, bringing it to 822 units. There will also be 100K SF of retail and 5K SF of medical office space.
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Lupoli Cos. broke ground on its King Street Common mixed-use development in Littleton, the BBJ reported. The phased project is set to be built through 2037 and would include more than 1,000 housing units, 115K SF of retail and restaurant space, and a 150-room hotel. Lupoli CEO Sal Lupoli bought the 50-acre site for $21M in 2021.
