Asana Partners’ 7th Spoke lab development in Davis Square has been stalled during the life science downturn, while ground floor vacancies have risen in the existing storefronts. Image courtesy of Perkins + Will
A block of commercial buildings in Somerville approved for a life science development in 2023 is now being eyed for a multifamily housing project by developer Asana Partners.
The Charlotte, North Caroliana-based development firm has been in discussions with Somerville officials about resubmitting a plan for housing on the block in the heart of Davis Square, Managing Director Welch Liles said.
“There is a need for residences in the area and so we hope the city would be supportive,” Liles said in an interview this week.
The Asana Partners project is the second potential major housing development to emerge in Davis Square on a site previously eyed for a life science complex.
Boston-based Copper Mill is preparing to submit plans for a 25-story, 500-unit apartment tower on Elm Street, a retail block that includes the Burren Pub and McKinnon’s Meat Market.
The downturn in the lab leasing market prompted both developers to shelve the life science strategy, mirroring activity in Boston and other communities.
Developer HRP is seeking permission to start its 1.7 million-square-foot redevelopment of the former Boston Edison plant in South Boston with 636 housing units, rather than office-lab buildings as originally planned.
In 2019, Asana Partners acquired the six-parcel portfolio of retail properties on Elm, Day and Herbert streets for $40 million.
In 2023, Asana Partners submitted plans to expand the three 2-story buildings totaling 64,000 square feet into a nearly 120,000-square-foot life science complex with ground-floor storefronts.
Liles said the size of the housing development has not been determined, but would be smaller than what Copper Mill is proposing.
Since the lab project was approved in 2023, most of the small retail tenants in the courtyard section of the property have relocated, some with financial assistance from Asana Partners, Liles said. The space is now being leased on a short-term basis.
Although Asana specializes in retail properties, it has formed joint ventures with multifamily developers in other markets.
“We focus on the retail placemaking and ground floor experience, and let the residential experts focus on the upper floors,” Liles said.
The firm also acquired properties in Harvard Square and Boston’s Back Bay in recent years.
“We have always been believers in Davis Square and Somerville. The character of the neighborhood and the proximity to the [MBTA] Red Line is amazing,” Liles said. “It’s been a tough economic market the past couple of years, but nothing that the neighborhood and the city won’t rebound from.”
Remaining retail tenants include Starbucks, Elm Street Taproom, Chipotle, the Boston Tattoo Company and a U.S. Post Office branch. Asana Partners also owns the property at 240 Elm St. where an H-Mart supermarket opened in January, but is not part of the redevelopment site.
