A 300,000 SF shopping center located in the Cambridge/Somerville area of Kendall Square, just north of Boston. The property is anchored by Star Market and contains junior anchors such as Marshalls and Dollar Tree. Our redevelopment of the asset required a complex entitlement process, including a legislative approval for a land swap with the Metropolitan District Commission (MDC), environmental approvals from Massachusetts Environmental Policy ACT (MEPA) and permitting approvals from both the City of Cambridge and City of Somerville. In addition to the entitlement hurdles, the property’s parking layout was poorly configured, and at the time of acquisition, the center suffered from a very high vacancy rate. To address the property’s challenged site plan and insufficient parking, we acquired an adjacent piece of land to grow the parking field and facilitate an expansion of Star Market’s undersized store. The redevelopment effort resulted in 100 new parking spaces, a new 60,000 SF Star Market grocery store and additional in-line retail space to accommodate a new 25,000 SF Marshalls store. The property was stabilized and sold to a publicly traded REIT in 2006.
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Category:
Mixed Use -
Location:
Cambridge, MA -
Area:
300,000 SF -
Year Started:
2001
