JV Acquires 3 Mass. Properties for Mixed-Use TOD
- Mar 07, 2017
Malden, Mass.—Jefferson Apartment Group, in a partnership with Northwestern Mutual Real Estate, completed the acquisition of three buildings in Malden, Mass., including the City of Malden Police Station, City Hall and the First Church of Malden, to develop a mixed-use, transit-oriented residential, civic office and retail project.
Dubbed Malden Center, the development will include 320 residential apartments, 45,000 square feet of office space and 22,500 square feet of street retail, connecting the city’s historic retail core of Pleasant Street with the Malden Center MBTA station. The project will comprise three buildings connected by a sky bridge with the retail component at the ground level of each. The South building will offer 247 units and 330 parking spaces, of which 240 will be saved for residential use only. The North and Northeast buildings will house the Office Condominium with the office space, another 73 units and additional street parking.
Across the street will be a large amenity deck and new public park. The Pleasant Street alignment will create a gateway that connects residents to parking and amenities on the south portion, while framing the entrance. Amenities will include more than 30,000 square feet of common space; 9,000 square feet of indoor space consisting of a fitness center and yoga room, solarium, club lounge, conference space and gaming areas; 21,000 square feet of outdoor spaces offering a swimming pool, lawn area, pergolas, fire pits, lawn games, ping, pong, an outdoor kitchen, dining areas and a rooftop deck.
“JAG’s purchase of these properties represents a significant milestone in the redevelopment of Malden Center. We’ve been working with the city for more than three years, but the city has been taking steps towards reinvigorating Malden Center, particularly through the re-connection of Pleasant Street, for many years,” Sandi Silk, senior vice president, development partner for Jefferson Apartment Group, told Multi-Housing News. “It is exciting to be undertaking this project—one that will provide much needed, transit-oriented housing and has the added benefit of helping the city achieve a long desired goal, all while establishing a new Gateway to the City Center and enhancing the ongoing transformation of Malden Center.”
Image courtesy of Jefferson Apartment Group