The Dolben Co. and Wakefield Investments have started construction on a second project together within the Tuscan Village mixed-use development in Salem, N.H. The joint venture is expected to complete construction on the five-story Caro residential project in early 2023.
The developers tapped Pilot Construction as the project’s general contractor, while HDS Architecture will serve as the architect and TMD Designs LLC as the designer. The residential development also landed a construction loan from Berkshire Bank and private equity.
The 260-unit Caro will have studio, one-, two- and three-bedroom units ranging in size from 567 to 1,200 square feet. The units will be built with in-unit washer/dryers, kitchen islands, and patios and balconies. As for the amenities, the developers have arranged them into two main areas, the clubroom that will have a kitchen, conference area, fitness center and work-from-home spaces, and an outdoor courtyard that will have a grilling area, swimming pool, turf play area, roof deck, outdoor pet area and bike storage.
Caro residents will also get to take advantage of the community’s location in Tuscan Village, a mixed-use master-planned development that’s being redeveloped from the former Rockingham Park horse track. Being developed by Joe Faro, the 170-acre development will include 700,000 square feet of retail, 1.3 million square feet of Class A office space, more than 1,200 residential units, a 165-key hotel and the Mass General Brigham regional medical facility.
SISTER SITES IN TUSCAN VILLAGE
The Dolben Co. and Wakefield Investments already have experience from working together on an earlier community. The first time the companies formed a joint venture was for Corsa, another residential community that’s also part of the Tuscan Village master plan and will be the sister-site to Caro.
On its own, The Dolben Co. has developed many projects in Northeastern U.S., including a 331-unit community in Lynn, Mass., a 212-unit community in Salem, Mass., and a 250-unit mixed-use development in Portsmouth, N.H. Just outside the Northeast, the company also sold a 212-unit community in Williamsburg, Va., for $46 million in June.