Municipal parcels in Medford Square could be offered for private development as city officials seek to add density through commercial and multifamily projects.
The city is exploring the use of district improvement financing to help pay for public improvements, Mayor Breanna Lungo-Koehn announced this week.
Previous studies by Metropolitan Area Planning Council and real estate consultants highlighted untapped opportunities to add density by developing the city-owned surface parking, while improving connections to the Mystic River and infrastructure for pedestrians and bicyclists.
The city scheduled a virtual public forum on March 30 to solicit comment on redevelopment priorities.
“We have the opportunity to transform Medford Square and make it an ideal destination for commercial and residential growth,” Lungo-Koehn said in a statement.
The city is weighing options for redevelopment of one to three parcels.
District improvement financing allows communities to borrow money for infrastructure projects up-front and pay back the bonds with tax revenues from new developments in the designated area.
In a related effort, the city hired Copley Wolff Design Group to draw up new designs for Clippership Park and nearby riverfront property owned by the Massachusetts Department of Conservation and Recreation.
The Boston-based landscape architectural firm already has recommended temporary pop-up retail and beer gardens and upgrades to bicycle infrastructure.