X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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

BOSTON-Locally based Abbott Real Estate Development LLC is gearing up for aging baby boomers with an ambitious plan to build 20 active adult communities throughout New England.

The projects, which are expected to cost a total of $500 million, will put between 1,500 and 2,000 new residential units on the market within the next seven years, all for active adults aged 55 and over.

“We’re very optimistic,” Gerard Savard, a principal with Abbott, tells GlobeSt.com. “We’ve demonstrated to our investors that the demand is there and that we have the right approach as far as the type of product we’re putting out there.”

Fueled by a $100-million investment from a real estate investment trust and the expectation of another $400 million in bank loans, Abbott has already started construction on the first of its active adult communities in Plymouth, MA, where it is building 125 single-family homes and condominiums known as Seton Highlands at the Pinehills.

More communities are already on the drawing board, among them a gay and lesbian oriented mid-rise in Boston’s Kenmore Square that will be constructed in the spring of 2007, and a 125-unit active adult community on the Charles River in Medway that should be open for spring. Savard says other communities are also planned for southeastern Massachusetts and New Hampshire.

The communities will each feature upscale units with open floor plans, cathedral ceilings and granite counters along with shared amenities, including a community room, swimming pool and clubhouse with fitness facility. All units will be priced between the mid-$400,000s to about $850,000.

The ambitious endeavor isn’t the first for Savard and his partner James McAuliffe. The pair also developed four transit-oriented apartment complexes near commuter rail and MBTA stations in Cambridge, Quincy, Norwood and Medford.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

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
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.