A large British investment firm is breaking into U.S. real estate development in a town where its home country has some history: Concord, Massachusetts.

L&G Asset Management has acquired part of an office park at 292-294 Baker Ave., where it plans to begin construction this year on a two-building, 201-unit multifamily project, it announced Wednesday.

It is partnering with Taurus Investment Holdings, a Boston-based firm that has advanced the project through the planning stages over the last three years.

Taurus had told the Concord Select Board in March that it planned to break ground on the project by June, The Concord Bridge reported at the time. L&G now says it aims to begin construction in the fall.

London-based L&G, a firm with more than $1T in assets under management, is funding the project through its institutional retirement division. While it is the first ground-up development the company has financed in the U.S., it has previously funded acquisitions of existing multifamily properties in Denver and Chicago.

But its first development, remarkably, is in a town best known for being the site of the first military conflict of the American Revolution, kicking off the war that would result in independence for the United States of America from King George III and Great Britain.

The project sits to the west of the historic Concord Center and the Old North Bridge site where the battle took place.

L&G, one of the largest investors in UK commercial real estate, first expanded to the U.S. in 2022, and it told Bisnow in 2024 that it planned to accelerate its investments in the former colony.

“This development opportunity is an important milestone for our US real estate platform," L&G Head of U.S. Real Estate Equity Alexia Gottschalch said in a statement Wednesday. "By acquiring the site and moving into construction on a high-quality multifamily community in 2026, we are expanding our presence in a supply-constrained Greater Boston market with a project that combines strong housing fundamentals, meaningful affordability and leading sustainability ambitions."

The Concord project is slated to set aside 25% of its 201 units as affordable under the state's Chapter 40B law.

Officials in the wealthy suburb of 18,200 residents — with a $195K median household income — have been calling for more affordable housing in recent years. Concord passed a Housing Production Plan in late 2022, at which time it had 715 subsidized housing units. One other 40B project has moved forward since then: the 237-unit Residences at Thoreau from Pinebrook Group.

The L&G-Taurus project is a half-mile from the West Concord MBTA commuter rail station. It is planned on the site of an office park that formerly housed the headquarters of grape company Welch's, which moved to Waltham last summer. The developers plan to demolish some of the vacant offices and add parking to the site before constructing the new five- and six-story buildings, The Concord Bridge reported.