MEDFORD, MA-Two multifamily projects here and in Newton are melding urban living with rapid transit. The developing trend is designed to cater to residents who want transportation literally on their doorstep.
National Development, the Newton-based developer of both projects, is in the midst of constructing a $500-million, one-million-sf mixed development known as Station Landing around the MBTA Orange Line at Wellington Circle in Medford. The second project, Arborpoint at Woodland Station, will bring 160 townhouses and apartments to a Washington Street site located adjacent to Newton's Green Line MBTA stop.
Ted Tye, managing director for National Development, tells GlobeSt.com that both projects meet a need for traffic-weary commuters who want quick access to Boston without the hassle of driving. "The ability to walk out your door and be in Boston in 10 or 15 minutes is very attractive to a lot of renters and buyers," Tye says, noting that the projects also appeal to environmentally conscious commuters tired of rising gas prices and environmental pollution.
Construction on the $350-million, 180-unit Arborpoint at Woodland will begin in February, once National Development wraps up work on a commuter parking garage that had to be relocated to make room for the complex. The project here will include 650 units of housing and 165,000 sf of retail space along with an office component and hotel, will take five to six years to complete. The first phase of the project, called Arborpoint at Station Landing, will put 292 apartments on the market along with 65,000 sf of retail space this spring. A second phase, a 12-story condominium building dubbed Skyline, is already 20% sold out at prices ranging from $200,000 to $1 million, Tye says.
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