Out of that decision, Milton Landing was born. The $35-million plan consists of 73 residential condominium units in one building with 7,000 sf of retail and commercial use on the ground floor. The development is located in Milton Village between Dorchester Lower Mills and Milton Hill. The project sits on three acres and the remaining two parcels are used as a park and as a boat storage facility for the town.

Chris Kaneb, principal of Catamount Management, a development company also owned by the Kanebs, tells GlobeSt.com that after the building was destroyed his family realized "it wasn't an appropriate site for a warehouse. We realized this site outlived its life for one type of use and we tried to figure out another use." Kaneb points out that the property is the only public waterfront site in town. "It was a very under utilized spot."

The town, he says, was very receptive to the plan. The site was rezoned with the creation of an overlay district and the project is slated to be completed by next August. The one-, two- and three-bedroom apartments will range in price from $399,000 to $950,000. While Kaneb says there are no age restrictions on tenants, the target market for the units is empty nesters ready to move out into something smaller.

This isn't Hood's first venture into real estate development. Kaneb notes that his company is in the process of redeveloping a former Hood Dairy plant in Charlestown into 400,000 sf of office and warehouse space. That project, which involves 20 acres, will ultimately consist of 1.2 million sf of space.