The City of Medford has announced that it has selected its partners for a new project in Medford Square. The city will be partnering with Transom Real Estate to build a mixed-use development at three undeveloped lots that are under its ownership.
The development will take place at the parcels along Clippership Drive and Riverside Avenue at Medford Square. The project aims to create a dynamic new community hub in Medford Square, which will be in alignment with the goals outlined in the City’s Comprehensive Plan. This will be the most significant development in the area in decades.
Highlights
- Transom Real Estate has been selected as the partner for the development of 3 lots of city-owned land at Medford Square.
- The proposed project includes housing, retail spaces, and parking spaces.
- The city aims to revitalize the area near the intersection of Clippership Drive and Riverside Avenue at Medford Square.
Transom Real Estate Seizes Opportunity to Revitalize Medford Square
Boston-based Transom Real Estate’s proposal includes retail and residential spaces, designed to create a village square atmosphere with a strong emphasis on pedestrian experience. The city officially announced the selection of Transom Real Estate for the project through a post on its official website.
Speaking about the Medford Square project, Mayor Breanna Lungo-Koehn stated, “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.”
City Council President Zac Bears in a statement about the project, said, “I’m confident that the Mayor, Council, our City staff team, and Transom can work together to prioritize housing production, affordable housing, economic development needs, new open space, riverfront activation, improvements to public buildings, and making streets and sidewalks in the area safer and more accessible for all Medford residents and visitors to Medford Square.”
Features of the Planned Development
Transom Real Estate’s proposal for Medford Square that won the bid includes the following:
- A total of 283 apartment units across two buildings, including 56 affordable units deed-restricted at 80% of the Area Median Income (AMI).
- A 13,500-square-foot urban grocery store that will anchor the development.
- The development will also feature a 2,500-square-foot café that will serve as a community gathering space and enhance activities at the Clippership and Riverside intersection.
- Plans include a 273-stall parking garage, contributing to a total of 567 parking spaces. The restoration of more than half of the existing public parking in all three lots is also part of the proposal. A significant portion of the parking will be allocated to the Medford Senior Center and the Chevalier Theatre.
- The project will also have crosswalks that are pedestrian- and bicyclist-friendly and will improve visibility for drivers.
- A partnership with Beyond Walls will bring in curated public artworks.
- The development will also feature resilient landscaping.
- The project will also include strategic integration of open space, such as a thoughtfully designed courtyard along Riverside Avenue.
New Project Expected to Have Significant Economic Impact
The project proposed by Transom Real Estate is expected to bring in around $1,150,000 in Annual Tax Revenue. It will also generate a one-time fee payment of approximately $1.1 million to the City of Medford. Moreover, this new project is expected to revitalize commercial activity in Medford Square, supporting the growth of nearby businesses.
Estimates say that about 325 new construction jobs may be created throughout the lifecycle of the project. Upon completion, the development is expected to generate 102 permanent jobs for property management and retail staff.
Revisions to the proposal and the finalization of the land lease agreement are expected in the coming months. The final agreement will be submitted to the City Council for consideration and approval. Once the approval is passed, shovels will hit the ground and construction will begin.
