Artist's rendering of Bulfinch Cos.' proposed mixed-use project in Needham, blending housing, healthcare, and hospitality.
Bulfinch Cos. aims to revise its development plans for the former Muzi Ford site in Needham, shifting from a life sciences complex to a mixed-use project. The new proposal includes housing, medical offices, and a hotel to adapt to current market demands. The Needham Planning Board has encouraged community outreach and the company plans to seek a zoning change for the project, which could potentially commence construction by 2026 or 2027.
Needham, MA – Bulfinch Cos., a real estate development firm based in Boston, is seeking to modify its plans for a new development in Needham due to declining demand for life sciences space. The company is now proposing a mixed-use project that would include housing, medical offices, and a hotel on the former Muzi Ford site at 557 Highland Ave, rather than the originally planned 500,000-square-foot life sciences complex. This shift comes after the Needham Planning Board initially approved the life sciences project in December 2022.
Bulfinch’s President, Robert Schlager, indicated that the market for corporate headquarters-type tenants has stagnated, leading the company to reassess its development strategy. The interest in life sciences has dropped significantly across the United States, mirrored by a current vacancy rate of 25% in the Boston area for such spaces, as noted by industry analysis firm CBRE. With less than 4 million square feet of new life sciences construction in progress, the suburban market specifically recorded a negative absorption of 400,000 square feet in the last quarter, particularly impacting the Route 128 West area, which has an alarming 32% vacancy rate.
The Needham site spans 9.3 acres near a busy Route 128 cloverleaf interchange and was previously used as a large dealership for Ford and Chevrolet vehicles. Bulfinch’s revised development concept involves a diverse mix of multifamily residences, senior housing options—including assisted and independent living—medical offices, and a hotel, while keeping the earlier approved 10,000 square feet designated for retail.
To ensure the project’s financial viability, it has been suggested that the number of proposed housing units might increase, potentially reaching around 500 units. This reconfiguration aims to adapt to current market conditions and meet community needs more effectively. The Planning Board has encouraged Bulfinch to restart community outreach concerning the new plans.
Bulfinch intends to bring the revised project idea for a Town Meeting vote in May, which, if approved, could allow construction to begin as early as late 2026 or early 2027. However, the mixed-use proposal needs a zoning change to move forward.
The original land acquisition for the Muzi Ford property occurred in 2022, with Bulfinch purchasing it for $57.5 million. At that time, the life sciences sector was booming, incentivizing the initial plans for a complex catered to bioscience companies. However, given the current landscape of the real estate market, many developers in the Boston area are looking to pivot away from more traditional life sciences-focused developments, seeking alternative uses that could better serve local communities.
This trend of developers shifting from life sciences to housing is becoming increasingly prevalent in surrounding towns as they adapt to slower leasing activity and changing market demands. Bulfinch’s proactive approach in redesigning their project reflects broader trends in real estate and community engagement, aiming to create spaces that not only fulfill market needs but also contribute positively to the local economy.
Governor Healey Launches Initiative for Affordable Housing
Transom Real Estate Wins Bid for Medford Square Development
Boston’s Office Buildings Converted into Residential Units
News Summary Boston Scientific is selling its 226,000-square-foot property in Minnetonka as part of its…
News Summary The Massachusetts Port Authority is responding to an alarming increase in aircraft and…
News Summary Rite Aid has announced the permanent closure of its Clinton, Massachusetts store at…
News Summary As of Monday, gas prices in Massachusetts have decreased to an average of…
News Summary Mayoral candidate Josh Kraft has criticized Mayor Michelle Wu's management of the Boston…
News Summary Justin Willman is bringing his tour, 'One for the Ages,' to Boston's Boch…