The Masonic Building at 138 Pleasant Street has been restored and converted into a mixed-use transit oriented development now known as Residences @ Malden Station 138. The developers worked closely on a restoration and permitting program with local officials and converted it into 69 market rate apartments and 6,500 square feet of ground floor commercial space.
The project is a key component in the ongoing revitalization of Malden’s downtown. The redevelopment included a careful restoration of the original building in neo-classical style architecture with a yellow brick façade marked by arched window bays of Roman form. Many of the new residential units include exposed truss, brick and restored original hardwood floors. The developers complemented the original building with an addition of 45 units.
The development entity is 126-150 Pleasant Street Associates LLC, a venture of a Corcoran Jennison affiliate and The Brennan Group.
The apartments are 100 percent leased and the ground floor retail is occupied by Eastern Bank and Aura Beauty Lounge, an upscale spa.
Eastern Bank provided the construction financing. The project has been placed on the National Register of Historic Places. Federal and State Historic Tax Credits, Commonwealth of Massachusetts Housing Development Incentive Program Tax Credits, a City of Malden Tax Exemption Agreement and owner equity completed the financing. The project cost $25 million.
Read Boston Real Estate Times and Patch articles regarding the project.