Image courtesy of The Architectural Team

Construction of a 237-unit apartment complex is set to begin at the Thoreau Club property in Concord following issuance of a $60.7 million loan from Santander Bank.

Boston-based Pinebrook Group acquired the 33-acre athletic club property in 2022. In 2023, Pinebrook Group submitted a development proposal under Chapter 40B, the affordable housing zoning law. 

Pinebrook Group received approval from the Concord Zoning Board of Appeal in April 2025 for the project, located on a wooded, 13.9-acre section of the property at 275 Forest Ridge Road. The existing health club would not be affected by the development. 

According to a 2023 application to MassHousing, the project cost is nearly $103 million.

Designed by The Architectural Team, the development comprises a pair of 5-story buildings spanning 310,982 square feet, 12,555 square feet of garage space and an on-site wastewater treatment plant. 

The project is the second approved under Chapter 40B in Concord to receive construction financing this summer.

British pension fund L&G Asset Management’s American arm acquired the former Welch’s headquarters at 292-294 Baker Ave. in August. The property is approved for a 201-unit apartment complex.