The demand for rental housing in Medford exceeds supply, with the vacancy rate nationwide hovering slightly over 1 percent. Even before the nearly 500-unit mixed-use complex construction takes off at 61 Locust Street, enthusiastic tenants are already clamoring set to move in.
Indeed, the sights of new large mixed-use developments are commonplaces in cities like Boston, but now Medford also has a testament. Medford city recently approved the demolition of two outdated buildings sitting on a 60,468 square foot; an Eastern Bank shack and a commercial building (formerly a supermarket) at Shaw, to pave way for a mixed-use complex project inspired by developer Equity One.
Nestled between Wellington Station and Medford Square, the new development set along the Mystic River will include three apartment buildings estimated at 562,508 square feet.
According to the decision by Medford’s Zoning Board of Appeals, the new complex will feature 3,000 square feet of ground floor space for the Eastern Bank, 4,000 square feet of flex space on ground floor as well as 12,000 square feet of amenity space.
The proposed project will also include 490 units of apartments ranging from 440 to 1,300 square feet in size with a mix of studios, one-bedroom, two-bedroom and three-bedroom configurations.
The three new buildings at 61 Locust Street will range from four to six stories tall with 781 parking spaces including an astounding 735 spaces designated for residents.
The proposal also noted that 10% of the residential units would be designated affordable for the moderate and middle income households.
The proposal reads in part: “By providing a more attractive retail location for Eastern Bank and introducing new ground floor uses, the Proposed Project will enhance the prevailing residential and commercial characteristics of the surrounding neighborhood, producing a more active and attractive pedestrian-oriented streetscape.”
Official review of the new project’s site started last month. There’s no proposed timeframe for the possible completion of the project at this moment. The parcel where the construction will take place was acquired by Equity One in 2004 for $19.9 million.
Bringing Apartments To Medford
As an experienced Property Management Firm in Medford, we understand the real estate market in Medford and truly the new development is one of the biggest mixed-unit apartment complexes erected in the area in a long time. It’s timely and definitely good news to the residents.
The popularity of the modern apartments with retail or office space among prospective would-be renters is a clear indication of the low vacancy rates in Medford right now.
With the countrywide vacancy rate standing at 7 percent with Oregon’s average at 3.5 percent, it’s pretty obvious that tenants will start lining up, waiting to secure one of the apartments in the city’s new luxury multi-use complex.
Considering the demand for housing in Medford’s rental market, there’s possibility that the developer will have a zero percent vacancy rate on completion of the project. And why not when housing demand here is higher than the supply?