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 site where the Malden Government Center complex once stood. Jefferson Apartment Group (JAG) is redeveloping this site into “Jefferson at Malden Center”, 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
Fixing Another Flawed Government Center Malden Square Attracts Investors
Steve Adams | Banker & Tradesman Staff | May 15, 2016
The first thing that stood out to Sandi Silk was the transit numbers.
Nearly 13,000 commuters hop on and off the MBTA’s Orange Line at Malden Center station daily. That’s virtually identical to the ridership at a nearby economic development success story: Somerville’s Davis Square.
Construction is complete and tenants have moved into a new five story apartment building known as The Point at 180 located at 180 Eastern Avenue which is within walking distance to the Malden Center MBTA Station. The building has 86 one and two bedroom market rate units ranging in size from 650 to 1,200 sf. Amenities include a yoga room, exercise room, community room, a bicycle room with direct access to the abutting Northern Strand Community Trail bike path and an outdoor plaza with a fire pit, seating area and grills.
The Metropolitan Area Planning Council (MAPC) released its final report of findings on a Malden Center Parking Study that highlights the needs and challenges facing local businesses, consumers and visitors to the downtown Malden area. The MAPC is the regional planning agency for cities and towns in Metro Boston and focuses on a number of issues including land use, transportation and economic development. The study was funded in part through a state grant and by the Malden Redevelopment Authority through its off-street parking program.
Local developer, Combined Properties, Inc., has transformed the corner of Route 60, Jackson and Exchange Streets into a new residential building with 1,610 ground floor retail space. Exchange Street Apartments at 100-150 Exchange Street has 210 market-rate apartments with rents ranging from $1,925 to $3,200 per month.
Corcoran Jennison, the developer of the Residences @ Malden Station, an 84-unit market rate apartment complex at 39 Florence Street, reports that this transit-oriented apartment complex is fully leased. The tenant mix includes young professionals and graduate students who enjoy living in a downtown urban area just steps from the Malden Center MBTA Station on the Orange Line.
Private investment in this new market rate development is approximately $22 million.