BLDUP Newsletter

The Point @ 180 Update 02/12/16

A deed was recorded in the Middlesex South Registry of Deeds on Thursday transferring ownership of the 41,411 square foot parcel at 180 Eastern Avenue in Malden. Sale price was $3,870,000. The parcel was approved in 2013 for construction of an 86-unit apartment building designed by Boston-area architect The Architectural Team.

The buyer, Point at 180 Malden LLC, appears to be a joint venture between Boston-area developers Whitewood Ventures and Sagebrook Development. The seller, Malden Cornerstone 180 LLC, is affiliated with Sagebrook Development. 180 Eastern Avenue last sold in October 2014 for $2,100,000.

Thursday's sale deed:

Whitewood Ventures is a real estate investor and developer affiliated with prominent Boston-area general contractor Consigli Construction. Consigli Construction is currently building a number of key projects across Boston. Sagebrook Development is the developer of Western Avenue Lofts in Lowell, MA.

A joint venture of Sagebrook Development and Ted Raymond (Raymond Property Company) guided 180 Eastern Avenue through approvals. More details on the approvals process for 180 Eastern Avenue are posted in the parcel description below.

Ted Raymond invested in the Charlestown Navy Yard in the 1980s, developing Flagship Wharf. Raymond also developed Trinity Place in Copley Square. In the late 2000s, Raymond proposed to build two towers at the Government Center Garage site in downtown Boston. Raymond's proposal was not approved, and The HYM Investment Group was designated as the site's new developer. The first phase of The HYM Investment Group's proposal to redevelop the Government Center Garage site was approved by the Boston Redevelopment Authority in January 2016; a residential tower is expected to break ground on the site this spring.

Ted Raymond's Government Center Garage proposal:

View The Point @ 180 >>

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