News Summary
A major real estate transaction involving a 9-acre site in Abington has been finalized for a new multifamily development. The site, sold for $4,653,000 to Wood Partners, is set to create 198 residential units as part of the Alta Abington Station project. Positioned next to an MBTA commuter rail station, the project aims to provide affordable housing, with 25% of units designated for that purpose. This development is a key addition to the local housing market and addresses the need for accessible living options.
Abington, MA – A significant real estate transaction has recently taken place in Abington, involving a 9-acre site that has been sold for a new multifamily development. The site, located at 0 Summer Street, was sold for $4,653,000 to Wood Partners, a renowned national multifamily developer based in Atlanta. This development is poised to bring 198 new residential units to the area.
The project has received all necessary approvals from the Abington Zoning Board of Appeals (ZBA) and the Conservation Commission earlier this year. As a result, the construction of the new building, which will be named Alta Abington Station, can begin. With a total of 277,186 gross square feet, this development is classified as a transit-oriented development (TOD), strategically located next to an MBTA commuter rail station, enhancing accessibility for future residents.
Wood Partners plans to build the project under Chapter 40B regulations, which mandate that at least 25% of the units will be designated as affordable housing. This aspect of the development is significant as it aims to address the growing need for affordable living options in the region.
The sale of the site marks a notable addition to the local housing market, particularly within the Boston’s South Shore Route 3 Corridor. This area has witnessed several multifamily development projects in recent years, and Alta Abington Station stands out as one of the largest to receive approval. The transaction was facilitated by Caroline Ligotti, Linda Redeker, and Emily McGranaghan of Boston City Group, Inc., in association with Coldwell Banker Commercial.
Importance of Transit-Oriented Development
The concept of transit-oriented development is vital in addressing urban sprawl and promoting sustainable living. By situating residential units adjacent to transportation hubs such as the MBTA commuter rail station, the project encourages the use of public transit and minimizes reliance on personal vehicles. This strategy not only benefits residents but also contributes to reduced traffic congestion and environmental impact in the area.
Affordable Housing Commitment
A commitment to providing affordable housing within new developments is increasingly crucial in regions experiencing housing shortages. The 25% allocation of affordable units at Alta Abington Station will serve families and individuals who may be struggling to find affordable options within the competitive housing market. This aligns with state and local efforts to ensure that all residents have access to adequate housing.
Background on the Development Site
The 9-acre site at 0 Summer Street has been fully permitted for the new construction project. With final approvals now secured, Wood Partners will be able to move forward in transforming the vacant land into a vibrant residential community. The Abington Zoning Board of Appeals and Conservation Commission played crucial roles in reviewing and approving the development plans to ensure they met the community’s standards and environmental regulations.
Abington is strategically located along major transportation routes, making it an attractive place for new developments. The recent sales and projects indicate a positive trend in the local real estate market, aimed at accommodating increasing population demands while balancing the need for accessible housing.
As the new project progresses, residents and stakeholders will be keenly watching how Alta Abington Station impacts Abington’s community dynamics, housing availability, and overall growth in the region.
Deeper Dive: News & Info About This Topic
HERE Resources
Exploring Massachusetts’ Diverse Real Estate Market
Developments Reshaping Real Estate in Boston’s South Shore
Boston’s Affordable Housing Program Reaches 1,000 Units
Boston Mayor Takes Major Action on Affordable Housing
New Developments Transform Abington’s Housing Market
Additional Resources
- Connect CRE: Wood Partners Acquires Nine-Acre Abington Development Site
- Boston Globe: Abington Coach Steve Perakslis Wins Record
- Boston Real Estate Times: Boston City Group Sells 198-Unit MF Development Site for $4.6 Million
- The Real Deal: Abington Properties Lists Dallas Multifamily Property
- Inquirer: Hollywood Neighborhood Abington Township SoCal Architecture
