City of Malden
The following was submitted by the City of Malden:
With members of the Malden City Council looking on, Mayor Gary Christenson signed a Land Disposition Agreement (LDA) with Jefferson Apartment Group Development Company LLC (JAG) for the sale of the 200 Pleasant Street, Government Center site on Thursday evening, Feb. 20.
The city will receive $9.8 million for the 2.2-acre site. Jefferson is responsible for demolishing the existing buildings and reconnecting Pleasant Street, which is currently blocked by the Government Center site.
The execution of the LDA is a significant milestone in the city's efforts to revitalize Malden Square by demolishing the Government Center Building and Police Station to reopen Pleasant Street to through traffic.
The project includes 245 units of housing, 17,250 square feet of commercial space, and 314 parking spaces subject to refinements as the project moves forward into more advanced design and development. In accordance with the LDA, the city must be off the site by Dec. 31, 2015.
If more than 245 units are sought and the higher number is agreed to by the city, Jefferson will pay an additional $40,000 per unit. All apartments in the development will be rented at market rate.
A five-member subcommittee of the City Council has been formed to oversee this project that includes Councilors Neil Kinnon, Barbara Murphy, James Nestor, John Matheson, and Craig Spadafora. Assisting this subcommittee is an internal team that includes Deborah Burke, Executive Director of the Malden Redevelopment Authority; Charles Ranaghan, City Controller; Ron Hogan, Strategic Planning Analyst; and Kevin Duffy, Business Development Officer.
“This historical day has been a long time coming!” said Mayor Christenson. “The City Council and I are enthusiastically moving forward on the community’s goal of revitalizing the downtown.”