Medford Air Rights Site Receives Proposals From 8 Developers
Medford has received eight proposals for its 28-acre riverfront site near the Wellington Orange Line station.
The city announced this week it received proposals from big-name developers like Greystar, HYM Investment Group, The Davis Cos. and New England Development.
The air rights site is being offered for mixed-use projects including multifamily, office and hotel projects near the station.
“This proves that Wellington Station has the potential to be a destination for residents and visitors to live, work, and enjoy, instead of being used solely as a giant parking lot for buses and trains," Medford Mayor Breanna Lungo-Koehn said in a release. "I’m focused on seizing this opportunity to boost our City’s commercial tax base and create much needed transit-oriented housing and development.”
The site, split by MBTA train tracks, includes a 17.3-acre west parcel and a 10.75-acre east parcel, the Boston Globe reported.
The city released a draft master plan in July that could rezone parts of Medford that haven't experienced rezoning since the 1960s, including the Wellington MBTA site, Banker & Tradesman reported.
In September, the city released a request for information for the site, seeking proposals for mixed-use developments. The site includes parking, a train storage yard and a maintenance facility. Responses were due Oct. 31.
The city hired Cushman & Wakefield as its real estate adviser to help evaluate the responses from developers.
The city has also said it plans to partner with the MBTA, which owns the air rights, to comply with its requests for the project, including a two-story, 200-space electric bus storage and maintenance facility.
Recent air rights projects in the Greater Boston area have been focused over the Massachusetts Turnpike, including Samuels & Associates’ 655K SF Parcel 12 development and Peebles Corp.'s 422K SF Parcel 13 in the Back Bay.
