Image courtesy of PCA
A Boston real estate firm’s proposal is the top pick to develop municipal parking lots near Medford City Hall with a pair of buildings including 283 apartments and a grocery store.
Transom Real Estate submitted the winning proposal to lease a trio of parcels on Riverside Drive and Clippership Drive for the project.
“These lots present a unique opportunity to transform Clippership Drive into a legitimate destination for our region and the proposal Transom submitted fits so well with that vision,” Medford Mayor Breanna Lungo-Koehn said in a statement.
The Transom proposal is the largest in decades for Medford Square. It calls for a 7-story and 4-story apartment building, and 4-story parking garage containing 273 spaces.
Berkshire Bank, which financed Transom Real Estate’s 139-unit Bremen 282 development in East Boston, submitted a letter of endorsement.
Last fall, the city issued a request for proposals to develop the lots as a mixed-use project including housing and replacement parking. The surface parking lots have been identified in planning studies as a ripe opportunity to increase the commercial district’s population and vitality.
The project also would include a 13,500 square-foot grocery store that was identified as a priority in the city’s 2023 Comprehensive Plan, and a 2,500 square-foot cafe.
The project would include a 20 percent income-restricted component, representing 56 apartments reserved for households earning 80 percent or less of area median income.
The offer calls for annual ground lease payments starting at $120,000 per year, increasing 2 percent annually.
The development agreement is subject to approval by the Medford City Council.
Image courtesy of PCA
Last fall, the city issued a request for proposals to redevelop three city-owned parking lots on Clippership Drive and Riverside Avenue as multifamily housing. The city received two submissions, according to a spokesperson.
Medford City Council President Zac Bears signaled support for the Transom proposal.
“I’m excited to work with Transom and our city staff to build on the strong foundation of this proposal to create a transformational anchor development for Medford Square and add even more community benefits as we work through the details of implementing this project,” Bears said in a statement.
Transom’s proposal estimates $1.15 million in annual tax revenues and $1.1 million in one-time fees to the city.
In January, an archaeological consultant hired by the city discovered human remains while excavating test pits in the parking lots. The Transom proposal says the project “will proceed with sensitivity” to any potential burial findings.
Founded in 2015, Transom Real Estate is led by principals Neal Howard, Peter Spellios and Bryan Lee, who previously worked for Related Beal. The project team includes Boston-based architects PCA, landscape architects MDLA of Boston and Lynn-based public art consultant Beyond Walls.
Medford Square’s only grocery store, the Ebisuya Japanese Market, is closing May 31 as landlord Hamilton Co. of Boston prepares to demolish the 65 Riverside Ave. building, according to a recent report.
