Pleasant Street Development
Properties that were once home to Malden City Hall and the Malden Police Station are being transformed into a unique 100 percent market rate, mixed-use project on the site where the Malden Government Center complex once stood. Jefferson Apartment Group (JAG) is redeveloping this site into “Jefferson at Malden Center”, a transit-oriented development that will reconnect Malden’s primary retail street—Pleasant Street—with the MBTA Station at Malden Center. This property, located in the Housing Development Incentive Program (HDIP) zone approved by the City and the Massachusetts Department of Housing and Community Development, has received a Tax Increment Exemption Agreement from the City.
"The state's funding commitment to Malden leverages significant private investment, helping the city reach their housing needs and creating commercial opportunities," said the State Office of Housing and Economic Development. "This redevelopment will attract new residents, better connect downtown to transportation options and support new enterprises, resulting in long-term benefits for the city."
The project is a ground up development planned for 320 residential units in two buildings, a 45,000 square foot office condominium shell (to be built out by the City for a new city hall), more than 22,500 square feet of ground floor retail and approximately 330 parking spaces. The two buildings will be connected by a sky bridge. The development will have 30,000 square feet of amenities for its residential tenants including a pool, three-season deck and a yoga lawn. It will be the new "front door" to Pleasant Street. A new publicly accessible park will be established between the Heritage Apartments and the North Building, creating opportunities for civic events and outdoor dining for residents and visitors. Residential tenants have begun to move into the complex.
The project is being built in partnership with Northwestern Mutual Life Insurance Company who is providing both debt and equity to the project.
The commitment and financial support the Commonwealth provided to the City for this project was critical. Three MassWorks awards, totaling $9.85 million, were made to the City in support of the undertaking. The MassWorks Infrastructure Program provides public infrastructure funding to shovel-ready projects that generate new private investment in housing production and job creation. Without the MassWorks grants which helped fund construction of the City’s new Police Station, the property would not have been available to facilitate redevelopment by JAG and Northwestern Mutual. “The Commonwealth’s support ‘unlocked the box’ for a redevelopment that has been dreamed about for years,” said Sandi Silk, Senior Vice President for JAG. “Projects like this one take creativity and collaboration from all parties - both public and private - and we are excited to be moving forward with the demolition of the existing buildings which is the first truly visible step in a several years long redevelopment project which is targeted for completion in 2019.”