The sale of two municipal parking lots near Medford City Hall could be the first step in the latest strategy for revitalizing Medford Square.
Consultants on Thursday unveiled a plan to redevelop the two surface lots, which total nearly 2 acres, as a pair of multifamily complexes. The parcels could accommodate from 132 to 196 housing units, with the upper end reflecting building heights up to 5 and a half stories.
Developers would be required to include up to 230 parking spaces, including a 202-space garage, the study recommends.
Barry Abramson of Newton-based real estate consultants Abramson & Assoc. said the higher-density option would attract the strongest response.
“Financing markets really like to see projects that get up toward 200 units,” Abramson said. “It becomes much more attractive to the developers and financing sources.”
At a public meeting, Mayor Stephanie Burke said the next step will be asking city council approval to declare the property surplus, and issue a request for proposals.
A 2017 master plan by Metropolitan Area Planning Council recommended the city explore the parking lot sale, part of a larger strategy to reshape the eastern end of the square near Interstate 93.
The study sought to address the downtown’s confusing traffic patterns, underutilized real estate and unwelcoming environment for pedestrians and bicyclists.
Medford Square’s sleepy reputation has showed signs of changing in recent years with the arrival of new restaurants and a management change at the city-owned Chevalier Theater in 2017 that’s attracted big-name acts such as Amy Schumer and Pete Davidson.
“I hope all the restaurateurs know how beneficial that has been. It certainly has opened the door to Medford and exposed us in a very positive light,” Burke said.
Doug Carr, a Medford resident and principal at Cube 3 Architects, said the redevelopment strategy is overdue.
“Behind us is a wasteland from here to the [Mystic] River, and this is a real opportunity to move Medford Square forward and get more density and restaurants. For the last 30 years, we’ve been sitting on a gold mine that’s right in front of our eyes,” Carr said.
Some residents said they doubt the parking requirements would accommodate the new buildings’ residents and said traffic congestion and parking shortages have increased.
The study was jointly performed by Abramson & Assoc. and Gamble Assoc. of Cambridge with support from MassDevelopment.
