Brennan Group, Corcoran Jennison Deliver Transit-Oriented Development to Malden Center
An official ribbon-cutting ceremony was held this week to celebrate the official opening of Residences at Malden Station 138, a transit-oriented, mixed-use development just steps from the Malden Center T Orange Line stop. Comprised of 69 market-rate apartments and 6,500 square feet of retail space, the project was developed by a joint venture between The Brennan Group and an affiliate of Corcoran Jennison. The development is part of an ongoing effort to revitalize Downton Malden while also preserving a historic landmark and providing much-needed market-rate housing for the region.
The ceremony was attended by approximately 50 people, including Janelle Chan, the Undersecretary for the Massachusetts Department of Housing and Community Development (DHCD); Mayor of Malden Gary Christenson; State Representatives Paul Donato & Paul Brodeur; City Councillors Neal Anderson & Stephen Winslow; Malden Redevelopment Authority Executive Director Deborah Burke; the Malden Historic Commission; and representatives from The Brennan Group, Corcoran Jennison, Tremont Preservation, and other key development personnel as well as residents from the City of Malden.
“With transit-oriented development, transit supports the housing and the development around it, but the development also supports the infrastructure of transit,” said Chan. “At DHCD, I am very proud to support projects such as (the Residences at Malden Station 138). This is a thumbs-up winner for all of us.”
“If we just work together, good things can happen. This is evidence of that,” added Mayor Christenson. “This could have been (a project) where people would come in and just demolish the building, and for that not to happen…it’s just worth repeating how fortunate and grateful we are to both (Corcoran Jennison and The Brennan Group) for making this happen.”
Designed by Russell Scott Steedle and Capone Architects, the project involved the thoughtful restoration of the original Browne-Masonic Building, constructed in 1895, and the construction of an addition to the building on Exchange Street. Built in the neo-classical style with a yellow brick façade marked by arched window bays of Roman form, the building is listed on the National Register of Historic Places. The Malden Masonic Lodge Square and Compasses symbol that once hung on the façade of the iconic building was gifted to the Malden Historical Society by the development team.
The Residences at Malden Station 138 is comprised of a mix of studio, one and two-bedroom units, and the pet-friendly apartments (ranging from $1,850 – $3,100) were fully leased within months. The development is a four-minute walk to the T stop, with a 15-minute ride to Downtown Boston. A host of shops, restaurants and a grocery-anchored shopping center are within walking distance, as is the historic Fellsmere Park and Pond. Amenities include the approximately 3,500 square-foot Community Center in the Great Room (which is also available for functions), a 24-hour, fully-equipped fitness center, and a roof deck with skyline views of Boston. The walls and common areas are adorned with artwork provided by TMD Design and Boston Art Inc, and each unit is equipped with Energy Star-rated appliances and granite countertops.
The commercial space is occupied by Eastern Bank and Aura Beauty Lounge, an upscale spa, with some retail space still available for lease. The project was financed through Federal and State Historic Tax Credits, the Commonwealth of MA Housing Development Incentive Program (HDIP) Tax credits, a City of Malden Tax Increment Exemption (TIE) Agreement, and owner equity, as well a construction loan provided by Eastern Bank.
“This building was facing the wrecking ball, so we’re very happy that we were able to restore this public gem,” said Jack Brennan, president of the Brennan Group. “But we must also remember that what makes this project so unique is that it is a great example of how public-private partnerships can work to the benefit of all.”
On Thursday, March 15th at 545 Medford St, Charlestown, Massachusetts at 6 PM there will be a public council hearing regarding the development of One Charlestown.
The proposed $1 billion development, is a 3.3 million square foot redevelopment of the existing 27.6-acre, 1,100-unit Bunker Hill public housing project into 3,200 mixed-income residential units with a neighborhood retail component. All 42 existing Bunker Hill housing buildings, dating to 1941, would be demolished and replaced with new buildings consisting of apartment and duplex unit formats.
31-story mixed-use tower proposed in Chinatown
Millennium Partners, Asian Community Development Corporation (CDC), Corcoran Jennison Companies and Tufts Shared Services propose to construct a 31-story, $174 million tower at 286-290 Tremont Street in Chinatown, replacing a City-owned surface parking lot. The tower would contain 171 affordable apartment and condominium residences, a 140-room expansion of the adjacent Doubletree Hotel, a 264-space expansion of the adjacent Tufts Shared Services parking garage and 8,000 square feet of ground-floor community space. The four proponents were the only respondents to a City request for proposals (RFP) to develop the parcel.
Residences would include 45 apartments and 126 condominiums, and would represent Millennium’s affordable housing contribution for the upcoming 115 Winthrop Square tower. Corcoran Jennison owns the adjacent hotel, and Tufts owns the adjacent parking garage. Asian CDC recently completed the 21-story One Greenway mixed-income housing tower in partnership with New Boston Fund.
The proposed tower’s ground floor could contain a new Chinatown branch for the Boston Public Library. New outdoor public space would be constructed at the tower’s ground floor as well. The City of Boston is now reviewing the proponents’ proposal which, if officially selected, would require additional design review. The proponents hope to begin construction of the tower in December 2018, with completion expected in December 2020.
City seeks development team to construct mixed-income housing on Chinatown parcel
The Boston Development & Planning Agency (BPDA) is seeking development proposals for the 0.67-acre City-owned parcel at 290 Tremont Street in Chinatown, aiming to create a mixed-use development up to 360 feet tall with housing for a range of incomes. Any development would be required to have a housing component, of which at least 50% would need to be designated affordable. Rental units would need to target households earning 30-60% of the area median income (AMI), and condominiums would need to target households earning 60-100% of AMI, not averaging more than 80%. The BPDA is offering the parcel through a long-term ground lease. Buildings would be limited to a height of 360 feet and a floor area ratio (FAR) of 20.
Malden developer sells 1.176-acre Malden Center post office to Corcoran Jennison for $4.3 million, nearly double 2016 acquisition price
Corcoran Jennison, who recently completed the 84-unit Residences @ Malden Station apartment development in Malden Center and is currently building the 69-unit Residences @ Malden Station 138 apartments, has acquired the 1.176-acre Malden Center post office property, located at 107 Mountain Road, for $4.3 million. A 17,933-square-foot building home to the post office stands on the parcel; Corcoran’s acquisition amounts to $3,656,462.59 per acre and $239.78 per building square foot. Berkshire Bank provided Corcoran with $3.01 million of mortgage financing for the acquisition.
Seller Burgess Properties of Malden acquired the property in May 2016 for $2.3 million, amounting to $1,955,782.31 per acre and $128.26 per building square foot, selling the property for nearly double the acquisition price and reaping a $2 million return in just over one year. The Malden Center post office site is located steps from Jefferson at Malden Center, an under-construction $120 million mixed-use development that will revitalize Malden Center and replace the city's former government center with three new buildings.
Minor changes proposed to approved Bayside Doubletree Hotel Expansion in Dorchester
Corcoran Jennison Associates is proposing minor changes to the approved Bayside Doubletree Hotel Expansion project in Dorchester. A slight increase in hotel rooms (97 to 104) is proposed, along with a slight increase in square footage (69,500 to 70,900) and a slight reduction of the hotel addition’s square footage footprint (19,281 to 17,259). A Notice of Project Change (NPC) detailing proposed changes from the approved project plan has been filed with the Boston Planning & Development Agency (BPDA) and is now undergoing official review.
One Charlestown detailed plans filed with BPDA
Proponents Corcoran Jennison and SunCal have filed a Project Notification Form (PNF) with the Boston Planning & Development Authority (BPDA) containing detailed plans for One Charlestown, the proposed $1 billion, 3.3 million square foot redevelopment of the existing 27.6-acre, 1,100-unit Bunker Hill public housing project in Charlestown; the following is a link to the PNF. One Charlestown would reconfigure the project site, replacing the existing low-rise buildings with new ones ranging from six to 21 stories tall containing a total of 3,200 mixed-income residential units and approximately 100,000 square feet of civic and retail space. All 1,100 public housing units would be preserved, and all current residents would have the right to return. One Charlestown housing units would include 750 affordable rentals, 350 senior affordable rentals, 1,500 market rate rentals and 600 market rate ownership condominiums ranging from studios to four-bedrooms.
Two new public parks would be constructed at One Charlestown along with streetscape improvements. One Charlestown would be built in three phases over an approximately
ten year period beginning in 2018. Additional information about and renderings of One Charlestown can be found above.
One Charlestown development moving forward, Letter of Intent filed
Proponents Corcoran Jennison Associates and SunCal filed a Letter of Intent (LOI) with the Boston Redevelopment Authority (BRA) last Tuesday (August 16th, 2016) to construct One Charlestown and anticipate filing an Expanded Project Notification Form (EPNF) with additional information and renderings within the next 30 days. The proposed One Charlestown would revamp the existing 27.6-acre, 1,100-unit Bunker Hill public housing project into 3,200 mixed-income residential units with a neighborhood retail component. The following is a link to the LOI for One Charlestown; additional information about the One Charlestown proposal can be found above and at the One Charlestown website. The following are renderings of One Charlestown: