News Summary
Transom Real Estate has secured a bid to develop three city-owned parcels in Medford Square, set to include 283 housing units and commercial spaces. The project features a grocery store, café, and a parking garage, aiming to enhance community engagement and economic growth. With an annual tax revenue of over $1 million and the creation of hundreds of jobs, this mixed-use development is viewed as a transformative opportunity for Medford Square, emphasizing the preservation of its historic character.
Medford
Transom Real Estate has been awarded a bid to develop three vacant city-owned parcels in Medford Square, a move anticipated to significantly revitalize the area. The project will include the construction of 283 housing units, alongside commercial spaces that aim to enhance the community’s economic activity and living environment.
The new development will feature a 13,500 square foot grocery store and a 2,500 square foot café, catering to the needs of residents and visitors alike. A parking garage with 273 spaces is also part of the plan, which will serve both the new housing units and the Chevalier Theatre located nearby, improving accessibility to these popular destinations.
As outlined in the proposal, the development will consist of two distinct apartment buildings: a seven-story structure on Clippership Drive and a four-story building on Riverside Drive. This mixed-use approach has been designed to foster community engagement while preserving the historic character of Medford Square.
Financially, the project is expected to generate over $1 million in annual tax revenue for the City of Medford, adding significant benefits to the local economy. In terms of employment, the redevelopment will create approximately 325 construction jobs during its development phase and over 100 permanent jobs once completed, bolstering local employment opportunities.
The City of Medford’s Comprehensive Plan emphasizes goals related to housing production and economic development, aligning seamlessly with Transom Real Estate’s development plan. City officials have indicated that this project represents a vital opportunity to transform Clippership Drive into a more attractive destination.
City Council President Zac Bears echoed this sentiment, noting the collaborative effort between the city and Transom Real Estate to ensure the area becomes safer and more accessible for both residents and visitors. The focus is on effectively combining residential and commercial elements to enhance the overall quality of life in Medford Square.
The approval process for this development is set to unfold in the coming months. The plan requires an official land lease agreement and must receive approval from the City Council before construction can commence.
This development is being heralded as one of the most significant projects to take place in Medford in decades. With a focus on mixed-use development, it aims to foster community engagement and invigorate commercial activity in Medford Square.
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Additional Resources
- What Now Boston: Medford Square Project Approval
- Wikipedia: Medford, Massachusetts
- KOBI 5: New Housing Development in Southwest Medford
- Google Search: Medford housing development
- Bisnow: Boston Deal Sheet for Medford Square Project
- Google Scholar: Medford development
- Patch: Medford Chooses Developer for Large-Scale Project
- Encyclopedia Britannica: Medford, Massachusetts
- Boston Real Estate Times: Medford Soliciting Bids for Development
- Google News: Medford real estate
