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MELROSE, MA-Pembroke Real Estate, the corporate real estate arm of Fidelity Investments, is pushing into its second phase of construction on Oak Grove Village here. The 16-acre neighborhood when complete will have 550 apartments and 15,000 sf of retail space.

The second phase of the development will add 201 apartments and single-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 second phase.

The first phase of development entailed 349 apartments, a fitness center, media room, swimming pool and a great room for residents. The apartments vary one to two bedrooms that range in size 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 different towns as neighborhood is bisected by the border of Malden and Melrose at the final stop of the Orange Line. The first phase of the development officially completed in August of 2007, although Pembroke began opening the development to tenants in 2006. Oak Grove Village is 97% leased to date.

Pembroke is hoping the addition of retail shops to the neighborhood will attract tenants, recently opening three retailers in their development. “We’ve taken special care in the design and development of this community, including our selection of retail amenities, to ensure it meets the needs of both Oak Grove Village residents and the surrounding neighborhoods,” says Tom Walsh, development director of Pembroke Real Estate, in a prepared statement. The retailers–Bobby C’s Ristorante, Forever Young Day Spa and Sal’s Custom Dry Cleaning–total 6,000 sf with the fourth–Beauty Nail Design–opening later in the summer. Pembroke has been shopping the other three available stores at $14 per sf to lease up their entire retail space.

“We are very pleased with the response to the first phase of development and expect it to continue,” says Walsh.

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