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Developer Plans Medical and Condo Project

ARLINGTON, MA-The town is selling the 18-acre former Symmes Hospital site to Symmes Redevelopment Associates for $10 million. The buyer plans to redevelop the property into a mix of 40,000 sf of medical office space and a 265-unit condominium project.

By Naomi Grossman | Updated on September 15, 2004

ARLINGTON, MA-Symmes Redevelopment Associates picked up the former Symmes Hospital site for $10 million from the town. The buyer, a partnership of developer Edward A. Fish Associates and a locally based physician’s practice, Menotomy Medical Partners, plans to redevelop the property into medical office and condominium space.”This is the biggest project in Arlington’s history,” Patrick McMahon, assistant project director for Edward A. Fish, tells GlobeSt.com.

The town bought the 18-acre property nearly three years ago and the Arlington Redevelopment Board, through a community planning process, winnowed down the interested developers to four finalists who received the board’s Request for Proposal last August. Tentative designation was given to Boston-based Edward A. Fish Associates last February.

According to the Land Disposition Agreement, Symmes Redevelopment Associates will pay $8.1 million for the residential portion of the project and $1.9 million for the medical office component. The deal is slightly complicated by the fact that the partnership needs to find medical tenants for the 54,000-sf medical space that will be built prior to the closing this coming March. If the group has not secured a medical tenant by that time the medical portion of the project will not close.

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