The long-vacant site of the former Brigham’s Ice Cream Co. in Arlington has been acquired by Wood Partners LLC, a national multifamily developer that plans to convert it into a 116-unit mid-rise apartment community with retail elements and extensive open green space.
The four-acre site was purchased for $5.6 million from Cambridge Savings Bank, which foreclosed on the property in August 2008, shortly after the ice cream factory stopped production when the Brigham’s name and recipes were sold to a competitor. Demolition of the obsolete 85,000-square-foot office and warehouse facility will begin later this month. The community is expected to open in the fall of 2012, according to a statement.
The deal marks the third acquisition by Wood Partners in the Boston area over the past 18 months, with its other projects in Stoughton and Melrose. Georgia-based Wood Partners has offices in Boston and several other major cities nationwide.
"The site was highly attractive to us because it is located in a well-established infill location in a very stable market with extremely high barriers to entry," said Rick Dickason, Wood Partner’s regional director of development for New England. "It is nearly impossible to find available land of sufficient size to justify apartment development within walking distance to neighborhood amenities like Arlington Center. The projected development pipeline for this area is pretty dry and we expect little new competition at or below our price point for many years."
Located at 30 to 50 Mill St., the new community will include 18 studio units, 35 one-bedroom units and 63 two-bedroom units. Pursuant to Arlington bylaws, 15 percent of the units are reserved for families earning 70 percent or less of area median income. Amenities will include a clubhouse, cyber-café and fitness center, and an exclusive outdoor area with built-in grills and seating areas.
The mixed-use development also incorporates approximately 3,500 square feet of retail space, likely consisting of small community retail or medical office space, the company said.
Cushman & Wakefield’s Capital Markets Group, including Simon Butler, Biria St. John, Michael Byrne and John McLaughlin, exclusively represented the seller, CSB Transaction LLC and procured the buyer W.P. East Acquisitions LLC, an affiliate of Wood Partners of Atlanta. The architect is Cube 3 Studio of Lawrence.
