The sale "exemplifies the escalating demand in Greater Boston for industrial to residential condo conversions," Phillip K. Burgess, with Burgess Properties of Malden, tells GlobeSt.com. Burgess, who handled the transaction for the seller, says the high demand for condo conversions along with the region's limited land availability, made the property particularly attractive, especially since the city recently moved to designate the area for residential use.
Carla Compagnone, with Century 21 Citiwide in Boston, tells GlobeSt.com that the project, set to begin construction in November, will turn a blighted industrial site into a five-story, multifamily property with one- and two-bedroom units, each with garage parking. The units are expected to sell in the $200,000 to $300,000 price range, she says.
"The whole area is being revived," says Compagnone, noting that the area has recently become a focal point for the city, which built a new school, park and bike path along neighboring properties. MT Realty, which has developed multi-family units in Malden, Melrose and East Boston, also is negotiating to buy a 30,000 sf lot adjacent to the 114 Wyllis Avenue site for a second condominium project. Plans for that property, which is currently on the market for $1.5 million, call for the demolition of two existing industrial buildings totaling 17,000 sf and the construction of a second condo mid-rise. "This project will make the area even more appealing," says Compagnone, who represented the buyer in the transaction.
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