Jul 25, 2018
MG2 Group Acquires East Boston Development Site
Boston-based, MG2 Group, has acquired the property at 287 Maverick Street in East Boston for $3.15 million.
The project will construct a five-story, mixed-use building with 38 homeownership condominium units, five income-restricted units, 2,180 square feet of retail space, 30 off-street vehicle parking spaces, and at least 38 on-site bicycle storage spaces.
Jul 10, 2018
MG2 Acquires East Boston Development Site
MG2 has acquired a parcel of land in East Boston for $2 million. The .17-acre parcel would feature a 10-story mixed-use building located right in the heart of Maverick Square in East Boston, forming the gateway for all residents and visitors entering the hub of East Boston.
Two floors of retail space will anchor the base of the building, with residential units designed for the upper 9 floors.
May 30, 2018
The Village at Greenbush 80% Leased
Construction continues on the transit-oriented Village at Greenbush in Scituate, MA. The condo-development is 80% leased with some residences already occupied.
The Village features 32 luxury residential rental one and two bedroom apartments along with some retail space on the first floor of its main building.
Construction Progress Below:
May 18, 2018
287 Maverick Street to revitalize former industrial site, yield 38 new residential units, five IDP units in East Boston
The proposed project is located at 287-293 Maverick Street in East Boston. The site is currently occupied by a garage and warehouse and is approximately eight minutes walking distance from the MBTA Blue Line subway and bus service at Maverick Station.
The project will construct a five-story, mixed-use building with 38 homeownership condominium units, five income-restricted units, retail/commercial space, 30 off-street vehicle parking spaces, and at least 38 on-site bicycle storage spaces. The 38 residential units are expected to consist of two studio units, 10 one-bedroom units, and 25 two-bedroom units.
In addition to revitalizing the former industrial site, the project will provide a number of public benefits to the East Boston neighborhood, including, but not limited to: pedestrian access improvements and new widened sidewalks, a $30,000 contribution toward a neighborhood transportation analysis, planning initiative, or public realm improvement(s), and a $5,000 contribution for the Crossroads Family Center, Inc. to support the organization’s mission and the services provided to support families as they transition from homelessness to independent living and self-sufficiency.
May 18, 2018
East Boston’s 152 Liverpool Street project to create 30 jobs, 23 residential units
The 152 Liverpool Street project will demolish the existing automotive repair facility that currently occupies the site and construct a five-story, approximately 23,010 square foot mixed-use building with approximately 23 residential rental units, including three income-restricted units, approximately 1,910 square feet of retail/commercial space, approximately nine off-street vehicle parking spaces, and at least 23 on-site bicycle storage spaces.
As currently proposed, the 23 residential units are anticipated to consist of two studio units, eight one-bedroom units, twelve two-bedroom units, and one three-bedroom unit.
Mar 20, 2018
MG2 Wins Approval For Residential Building
The BPDA board last week approved construction of a 38-unit residential building on Walley Street, near Suffolk Downs, that would feature some rare four-bedroom units and a number of three-bedroom units.
MG2 plans to replace an auto-repair garage and parking lot with a four-story, 38-unit residential building with 25 parking spaces.
The parcel is separated by a small grassy area from the Suffolk Downs stop on the Blue Line.
A total of five of the building's units would be marketed as affordable. The application does not specify if the building would be rented as apartments or sold as condos.
Dec 20, 2017
38 apartments proposed next to Suffolk Downs rapid transit station in East Boston
MG2 proposes to construct a 38-unit residential apartment building at 11-19 Walley Street next to the Suffolk Downs MBTA Blue Line station in East Boston, directly across from the 16.5-million-square-foot Suffolk Downs development and the future site of two office buildings currently being pitched to Amazon for the first phase of its’ second headquarters. MG2’s building would include one-, two-, three- and four-bedroom apartments, five of which would be designated affordable, and 25 garage parking spaces. MG2 acquired the ⅓ acre 11-19 Walley Street in Summer 2016 for $1.85 million. The proponent has filed plans for the proposed building with the Boston Planning & Development Agency (BPDA), who is now reviewing the project.
Aug 01, 2017
The Vault, new Downtown Lynn luxury apartments opening this Fall, over 50% leased
The Vault, a new 49-unit luxury apartment building in Downtown Lynn set in a restored 1914 historic office building, is now over 50% leased and will open this Fall. Developed by MG2, the building features studio, one- and two-bedroom residences with luxurious finishes and amenities including stainless steel appliances, energy-efficient HVAC systems and in-unit full-size washers and dryers.
Rents at The Vault range from $1,300/month for a studio to $2,300/month for a two-bedroom. Studios range from 402 to 598 square feet and $1,300 to $1,650/month, one-bedrooms range from 450 to 617 square feet and $1,500 to $1,900/month, and two-bedrooms range from 813 to 1,046 square feet and $1,875 to $2,300/month. MG2 acquired the 48,808-square-foot Vault building, located at 30 Willow Street, in June 2014 for $2 million and has invested $11.3 million in The Vault's renovation and restoration.
Jan 03, 2017
MG2 expands East Boston property portfolio with acquisition of Border Street parcel for $600K
Quincy-based real estate investor MG2, who amassed a considerable East Boston property portfolio in 2016, has acquired a 3,100 square foot building on East Boston’s Border Street with potential for expansion for $600,000. Wellesley Bank provided $435,000 of financing for MG2’s acquisition.
Aug 20, 2016
MG2 acquires East Boston auto body for $1 million
Last Wednesday (August 17th, 2016), developer MG2 of Quincy, MA acquired a 5,642 square foot East Boston industrial building located at 152-154 Liverpool Street, steps to Maverick and Central Squares, for $1 million as recorded in the Suffolk County Registry of Deeds. MG2 also secured a $1.1 million mortgage for 152-154 Liverpool Street last Wednesday through Commonwealth Cooperative Bank. The building stands on a 6,076 square foot parcel and is home to Omega Autobody; the sellers are John Zaccheo, Omega Autobody's owner, and Anna Zaccheo. John and Anna Zaccheo acquired 152-154 Liverpool Street in October 1999 for $195,000. 152-154 Liverpool Street is located across from 151 Liverpool Street, the site of a 36-unit residential condominium building approved for construction by the Boston Redevelopment Authority (BRA) this month.
152-154 Liverpool Street is MG2's fourth East Boston acquisition within one month, having also acquired 11-19 Walley Street, 219 Border Street and 59-69 Meridian Street. Per MG2's website, East Boston is an area of focus for the firm, and MG2 will be undertaking several development projects in East Boston over the coming years. The following is the deed for MG2's acquisition of 152-154 Liverpool Street last Wednesday:
Aug 05, 2016
MG2 acquires vacant Maverick Square parcel for $500,000, owns building next door
This afternoon, developer MG2 of Quincy, MA acquired the vacant 2,120 square foot parcel at 65-69 Meridian Street in East Boston, located in Maverick Square, for $500,000 as recorded in the Suffolk County Registry of Deeds. MG2 also secured a $600,000 mortgage for 65-69 Meridian Street today through Digital Federal Credit Union.
MG2 acquired 59-63 Meridian Street, located adjacent to 65-69 Meridian Street, in December 2015 for $2 million and secured a $3 million mortgage on 59-63 Meridian Street through East Boston Savings Bank. 59-63 Meridian Street is a 4,681 square foot parcel on which stands a three-story, 13,956 square foot commercial building.
Altogether, MG2 now owns 6,801 contiguous square feet of land and approximately 13,956 rentable square feet (RSF) in Maverick Square. Per MG2's website, the firm is planning several East Boston development projects over the coming years. 65-69 Meridian Street is MG2's second East Boston acquisition this week; this past Tuesday (August 2nd, 2016), MG2 acquired a 3,821 square foot parcel at 219 Border Street in East Boston, located on Central Square, for $875,000. The following is the deed for today's sale of 65-69 Meridian Street to MG2:
Aug 02, 2016
MG2 adds to East Boston portfolio with acquisition of Central Square parcel for $875,000
This morning, developer MG2 of Quincy, MA acquired the 3,821 square foot parcel at 219 Border Street in East Boston, located on Central Square, for $875,000 as recorded in the Suffolk County Registry of Deeds. A 1,929 square foot single story building home to El Paisa Restaurant stands on the parcel. MG2 also secured a $700,000 mortgage for 219 Border Street this morning through Pilgrim Bank. A 66-unit luxury condominium building, Seville Boston Harbor, is under construction steps from 219 Border Street at 248 Meridian Street. 219 Border Street is MG2's second East Boston acquisition within the past month; MG2 acquired 11-19 Walley Street, an approximately 1/3 acre parcel located next to the Suffolk Downs rapid transit station on the MBTA Blue Line, for $1.85 million on July 18th, 2016. Per MG2's website, East Boston is an area of focus for the firm, and MG2 will be undertaking several development projects in East Boston over the coming years. The following is the deed for MG2's acquisition of 219 Border Street today:
(Note: 219 Border Street is also numbered 40-42 William J. Kelly Square)
Jul 18, 2016
Local developer MG2 acquires 1/3 acre East Boston parcel next to Suffolk Downs MBTA for $1.85 million
Local real estate developer MG2 today acquired 11-19 Walley Street in East Boston for $1.85 million as recorded in the Suffolk County Registry of Deeds. The approximately 1/3 acre parcel is located next to the Suffolk Downs rapid transit station on the MBTA Blue Line. A locus map of the parcel is posted above. A 5,272 square foot industrial building home to Continental Machine Products stands on the parcel. 11-19 Walley Street’s seller is Michael Todesca, owner of Continental Machine Products.
The following is the deed for the sale of 11-19 Walley Street to MG2:
(Note: Joseph Donovan of MG2 is the manager of Walley Nineteen LLC)
More information about 11-19 Walley Street is posted below.