Readville Yard 5 Update 01/21/18
Readville Yard 5 industrial and office development in Hyde Park secures construction financing
Readville Yard 5, an upcoming 21-acre development in Hyde Park that will construct five buildings containing 249,845 square feet of light industrial, manufacturing and office space, has secured $15.5 million in financing, allowing construction to begin. Financing was provided by Northern Bank & Trust Company; the project is developed by First Highland Management and Development Corporation.
The first phase of Readville Yard 5, expected to be complete by July 2018, will construct infrastructure and site access improvements as well as a three-story, 36,000-square-foot office building at the site’s gateway. The second phase, expected to commence in November 2018 and conclude in July 2019, will construct four single-story structures containing up to 41 light industrial and manufacturing units approximately 4,000 to 7,000 square feet in size.
Originally approved in October 2014, Readville Yard 5 would have constructed six new buildings totalling approximately 375,000 square feet. However, following National Grid’s lease of a four-acre portion of the site as a service center for natural gas repairs for customers in the City of Boston, the project was subsequently downsized to five buildings.