News
HERE'S LOOKING AT YOU
March 23, 2010
| Of all the streets, in all of Medford, why did we show up here? Because this street, Station Landing, didn't even exist five years ago; it was just another worn out strip mall around the Wellington T stop. Now, it's the main drag for a $500 million mixed-use complex in the waterfront neighborhood of the same name. |
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| National Development's Ted Tye, whom we snapped with leasing agent Kassandra Pappas in front of Regina?s, has built traditional offices and housing, but he had a different vision for 16 acres of underused land along the Mystic River that was no stranger to crime. Ted and his partners bought it at foreclosure and wanted to do Smart Growth: an urban village tied to rail transport. When permitting, he asked city officials to ?rip up? the zoning so he could develop housing, retail, entertainment, parks, and parking. Now, SL is an busy 8-building live/work/play neighborhood. |
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| It has 587 units of housing, a 165k SF office, 23 retail shops (including a standalone Boston Sports Club and Kelly?s Roast Beef) parking for 2k cars, a park along the Mystic River, a marina, and of course the T. We snapped National?s Julie Campobasso and Erica Chapman showing off one of the 460 apartments that are 91% leased for rents from $1500 to $2760. The 127 condos overlooking the river completed in ?06 were all sold for $350k to $1.1M for a 3-bedroom penthouse unit. In leasing, Ted says they're targeting young professionals who work at the SL office building or take the T to Boston via the covered walkway to Wellington that National put up. |
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| Ted says the tricky part of the project was to build a critical mass of retail, housing, and amenities fast enough to attract residents. A few years later, SLers even have extra frills like the pet care service provided by Mackenzie Klump, whom we snapped with National?s Carey Trumbull and 4-year-old Samuel (never Sam) at 75 SL, the newest apartment building, LEED Gold, that opened last summer. Despite the economy, it's already 93% leased. The residential buildings also have a media room and 24-hour on-site maintenance. On the streets that crisscross the site is a bank, drug store, hair salon, and several other restaurants from sushi to tacos. |
