The second phase of the development will add 201 apartments andsingle-level, underground parking beneath five of its buildings.The projected completion for this phase is the spring of 2009.Pembroke would not comment on the estimated cost of the secondphase.

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The first phase of development entailed 349 apartments, afitness center, media room, swimming pool and a great room forresidents. The apartments vary one to two bedrooms that range insize from 615 sf to 1295 sf. The rent for single-bedroom units are$1690 to $1960 while two bedroom units go for $2175 to $2500.Officially, the development is considered to be in two differenttowns as neighborhood is bisected by the border of Malden andMelrose at the final stop of the Orange Line. The first phase ofthe development officially completed in August of 2007, althoughPembroke began opening the development to tenants in 2006. OakGrove Village is 97% leased to date.

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Pembroke is hoping the addition of retail shops to theneighborhood will attract tenants, recently opening three retailersin their development. "We've taken special care in the design anddevelopment of this community, including our selection of retailamenities, to ensure it meets the needs of both Oak Grove Villageresidents and the surrounding neighborhoods," says Tom Walsh,development director of Pembroke Real Estate, in a preparedstatement. The retailers--Bobby C's Ristorante, Forever Young DaySpa and Sal's Custom Dry Cleaning--total 6,000 sf with thefourth--Beauty Nail Design--opening later in the summer. Pembrokehas been shopping the other three available stores at $14 per sf tolease up their entire retail space.

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"We are very pleased with the response to the first phase ofdevelopment and expect it to continue," says Walsh.

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