X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

EAST CAMBRIDGE, MA-Three multifamily projects now under way on a barren stretch of industrial land here aim to transform what is considered a wasteland of factories and rail yards into a new neighborhood. The projects, which will put more than 3,000 housing units on the market over the next 20 years, are the results of a 2001 zoning change designed by the city to boost its housing stock and turn the industrial region into residences.

“The plans have been in place for a long time,” Susan Glazer, deputy director of the city’s Community Development office, tells GlobeSt.com. The largest of the projects, known as NorthPoint, is being built by Spaulding & Slye on a 45-acre site near the Lechmere MBTA stop. With 2,700 units in 26 buildings expected to be delivered by 2015, NorthPoint will encompass 5.5 million sf of space and feature 10 acres of green space, including a seven-acre central park. There will also be a new MBTA station and about 2.2 million of commercial space, Spaulding & Slye vice president Mark Garber tells GlobeSt.com.

“It’s going to totally transform that area by creating a neighborhood,” Garber says of the former rail yard site whose location offers stunning views of Boston Harbor and is within walking distance to the TD Banknorth Garden, Kendall Square and Downtown Boston. Nearby transit access provides for longer commutes. The project’s first two buildings, which range in height from eight to 10 stories, are set to be delivered next year and are already 30% sold out, he says.

Adjacent to NorthPoint, Archstone-Smith is constructing a 762-unit apartment community And nearby Leggat McCall Properties is converting the former Haviland Candy factory into 196 condos called One First.

The cost of ownership won’t come cheap for buyers of those condos, however. Units at NorthPoint are estimated to range from the mid-$300,000s to $800,000, while One First price points start at $400,000 for a one-bedroom unit and go up to $1.5 million for three bedrooms.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.