Multifamily development parcels don’t grow on trees in the suburbs, despite rising demand for rentals, so apartment complexes are increasingly likely to pop up in office parks and shopping centers.
The latest example is in Burlington, where selectmen last week supported The Davis Cos.’ plans for a 271-unit apartment complex in the Center at Corporate Drive.
Designed by Lawrence-based Cube 3 Studio, the Residences at Burlington Centre would be built on a vacant parcel behind the Endurance International Group offices at 10 Corporate Drive.
Boston-based Davis Cos. and Principal Real Estate Investors bought the 47-acre former Burlington Centre office park in 2013 for $109 million. Since renamed The Center at Corporate Drive, the four-building, 486,719-square-foot complex has undergone a multimillion-dollar modernization program including new collaborative office space, cafeteria, fitness center and outdoor amenities.
“Ever since we acquired the park we’ve been trying to make some improvements to the campus to give it a little bit more life and vibrancy,” said Chris Chandor, a senior vice president for The Davis Cos. “The multifamily project was an idea to make it more of a mixed-use environment.”
The project, subject to approval by the state Department of Housing and Community Development, will help the town remain above the state’s target 10 percent threshold for affordable housing inventory. Some 25 percent of the units would be reserved for households making 80 percent or less of the area median income.
The complex will contain predominantly one- and two-bedroom units, along with some studios and 10 percent three-bedroom units. Rents have not been set, Chandor said, but will be competitive with recent high-quality inventory in the immediate market.
Multifamily developments are becoming more prevalent in Route 128 office parks as communities seek to meet the state’s affordable housing goals in low-impact neighborhoods.
Normandy Real Estate Partners plans a 390-unit apartment complex in its Needham Crossing office park redevelopment on A and B streets.
The first move-ins are expected this summer at The Tremont, a 180-unit apartment complex on 3rd Ave. in Burlington. Burlington developer Nordblom Cos. demolished 11 older office buildings in the 203-acre property on Middlesex Turnpike to make way for nearly 30 new retailers and restaurants, including a Wegmans supermarket.
But in Newton, officials have opposed Boston-based developer Cabot, Cabot & Forbes’ bid to build a 334-unit apartment complex in the Wells Avenue office park.
The Davis Cos.’ proposal was one of two so-called “friendly 40B” submissions considered by Burlington selectmen. Newton-based National Development submitted a proposal for a multifamily project in The District, its redevelopment of the former New England Executive Park. While endorsing The Davis Cos.’ project last week, selectmen indicated they would be willing to reconsider The District proposal at a later time.
