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Developer Begins Work on Transit-Oriented Mixed-Use Project in Downtown Malden

Tuesday, March 7, 2017

Properties that were once home to Malden City Hall and the Malden Police Station are being transformed into a unique 100 percent market rate, mixed-use project on the sites of the existing Malden Government Center complex.  Jefferson Apartment Group (JAG) purchased the City-owned properties at 200 Pleasant Street and the First Church in Malden at 184 Pleasant Street. 

 

“Jefferson at Malden Center” will be a transit-oriented development that will reconnect Malden’s primary retail street—Pleasant Street—with the MBTA Station at Malden Center.  This property, located in the Housing Development Incentive Program (HDIP) zone approved by the City and the Massachusetts Department of Housing and Community Development, has received a Tax Increment Exemption Agreement from the City.
 

The project is a ground up development planned for 320 residential units in two buildings, a 45,000 square foot office condominium shell (to be built out by the City for a new city hall), more than 22,500 square feet of ground floor retail and approximately 330 parking spaces.  The two buildings will be connected by a sky bridge. The development will have 30,000 square feet of amenities for its residential tenants including a pool, three-season deck and a yoga lawn.  It will be the new "front door" to Pleasant Street.  


The project is being built in partnership with Northwestern Mutual Life Insurance Company who is providing both debt and equity to the project.