The Malden City Council gave the green light to a private developer to construct a nine-story mixed use office tower in Malden Center. Quaker Lane Capital, which owns the adjacent former Granada Theatre Building at 21 Pleasant Street, has received a special permit from the City Council to exceed the six-story height limit in the downtown.
The developer, who is hoping to attract younger growing companies to this building, will be investing $90 million in this new construction project. Each floor will boast floor plates of 16,000 to 18,000 square feet and ceiling heights will be upwards of 15 feet. The developer is likely to pursue LEED certification for the building as well as a “healthy place certification”. The owner has invested $1.2 million in the renovation of the former Granada Theatre space which includes extensive lobby improvements, new lighting and carpeting.
The special permit public hearing was held via Zoom. Several persons spoke in favor of the project including the Chamber of Commerce, Mayor, Malden Redevelopment Authority Executive Director and Sandi Silk, Vice President of Jefferson Apartment Group, which built the mixed use development that was once home to the old Malden Government Center and Police Station.
The targeted delivery date for this new building is 2023-2024.