Big Project in Medford Would Kickstart New Development with 500 Units
Combined Properties, a developer based in Malden has come up with a plan to construct a building complex in Medford where there would be 500 units of residential space. It would also include retail and restaurant areas with a total of 53,000 square feet for such commercial purposes.
The Massachusetts Department of Transportation (MassDOT) recently announced that Combined Properties was the winner in the bidding for a parcel of land at 300 Mystic Avenue, which at that time was owned by the state. The value of the parcel, which is also the location of the sign shop of MassDOT, was six million dollars.
Open for Business
The bidding was part of the Open for Business initiative headed by Governor Charlie Baker. The initiative started in 2015 in which the purpose was to provide aid for private developers in building transportation lands that are publicly owned.
Since the beginning of Open for Business, about 12 or so parcels have been leased or sold. It is expected that these projects would help generate over 2,000 units of housing with at least 400,000 square feet of space for commercial use and can also help produce about 600 jobs. They can also bring in over $12 million in taxes.
The Winning Bidder
The announcement of the winner of the bid was made by Governor Baker himself. Mystic Avenue is considered an underutilized piece of property, which the Commonwealth believes could be put to better use. Such land, as well as similar ones, can help the residents and the neighborhood in creating jobs and promoting a better, more proactive place.
As the winning bidder, Combined Properties has already made plans for the 1.67-acre property. The real estate developer aims to construct a residential complex with 500 units, which will be dedicated for residential use.
Aside from the 300 Mystic Avenue parcel that the firm just won with their $6 million bid, Combined Properties is also reported to control several other locations. These areas include 206 to 210, 278, and 282 Mystic Avenue. There are also accounts that claim the company manages areas at 312 to 236 and 322 of the same avenue.
At present, the plan is to create over 1,600 jobs for the construction industry and 150 for the permanent jobs in the business. As a result, the trade would yield over $6.8 million in both property and sales tax, which will be acquired during the construction process. There would also be an additional $1.3 million which would be dedicated to the annual fees and taxes to Medford City.
Achieving Development Goals
According to the CEO and Transportation Secretary Stephanie Pollack, the sale of the parcel was a significant step that would help in attaining transportation and development objectives for the local community. The sale also gave way to the improved utilization of state assets that would benefit the city and the citizens.
As for Medford, there is a chance that the area could become the next suburb in Boston to implement mixed-use zoning, especially because there are now many private sectors that are interested in creating developments in the area. Multifamily developers have been eyeing the city as it currently undergoes a contract negotiation with the Metropolitan Area Planning Council.
The discussion is for a study regarding the Mystic Avenue corridor in which Combined Properties was selected to get the parcel. For the Mayor of the city, Stephanie Burke, rezoning the avenue still requires the approval of the city council. Right now, it is still pending while waiting for the results of the study, which would probably cost around $40,000.
The Mystic Avenue study would involve an evaluation of the existing uses of the land, as well as the recommendations for changes in zoning. These changes should support the goal of the government, which is to encourage job growth as well as improve the access of bikers and pedestrians in the area.
If the project proposal is approved, the development will comprise of neighboring properties, which are also owned by the winning bidder, Combined Properties.