Image courtesy of Cube3 Architects
A Concord office park will be gaining 201 new apartments thanks to money from a storied British retirement funds manager.
Public records show an affiliate of L&G Asset Management’s American arm paid $4.75 million on Aug. 13 for 10.2 acres of pond, wetlands and parking lots in Boston-based Taurus Investment Holdings’ Concord Meadows Corporate Center. The single-building, 417,293-square-foot asset was formerly host to the headquarters of juice, jelly and snack company Welch’s. The company relocated to Waltham in 2024.
L&G itself issued a construction loan for the 292-294 Baker St. lot a day later. The Middlesex South mortgage did not specify a dollar amount for the loan, but construction firm Callahan simultaneously filed an $88.49 million bond covering a construction project at the site.
Taurus had permitted a two-building multifamily project on the site in 2024, under the state’s Chapter 40B housing law, but needed additional town approvals this spring to switch the project to a so-called “friendly 40B” development under the state’s Local Initiative Program in order to accept financing from L&G. L&G’s own announcement of the financing described the project as a “partnership” between the two firms, and a March 2026 project filing said that while L&G is the project’s equity inestor, Taurus will be the development manager.
“This development opportunity is an important milestone for our US real estate platform,” Alexia Gottschalch, L&G Asset Management’s head of U.S. real estate equity, said in a statement. “By acquiring the site and moving into construction on a high-quality multifamily community in 2026, we are expanding our presence in a supply-constrained Greater Boston market with a project that combines strong housing fundamentals, meaningful affordability and leading sustainability ambitions. It also reflects the continued growth of our multifamily capabilities, from development through stabilized, operational assets.”
Permitted as “NOVO Riverside Commons,” the project includes 157 garaged parking spaces split between the two buildings, plus additional surface parking. Amenities include small club lounge, pet spa and fitness center spaces, plus a half-mile walk to the West Concord commuter rail station on the MBTA’s Fitchburg Line. The station is a roughly one-hour ride from North Station in downtown Boston.
The design by Cube3 Architects is targeting Passive House standards and will include on-site solar arrays and a geothermal HVAC system.
“We are pleased to partner with L&G on this development, an opportunity that reflects our shared conviction in the long-term fundamentals of the Greater Boston housing market and the critical need for thoughtfully designed residential communities in supply-constrained markets,” Taurus CEO Peter A. Merrigan said in a statement. “By bringing together high-quality design, a meaningful affordability component, and a sustainability-focused approach that aligns with Concord’s climate goals, this project is well-positioned to deliver a premier residential asset that addresses a critical housing need and drives long-term value for the community.”
Construction will start in the fall, L&G said.
