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BOSTON-Locally based Abbott Real Estate Development LLC is gearing up for aging baby boomers with an ambitious plan to build 20 active adult communities throughout New England.
The projects, which are expected to cost a total of $500 million, will put between 1,500 and 2,000 new residential units on the market within the next seven years, all for active adults aged 55 and over.
"We're very optimistic," Gerard Savard, a principal with Abbott, tells GlobeSt.com. "We've demonstrated to our investors that the demand is there and that we have the right approach as far as the type of product we're putting out there."
Fueled by a $100-million investment from a real estate investment trust and the expectation of another $400 million in bank loans, Abbott has already started construction on the first of its active adult communities in Plymouth, MA, where it is building 125 single-family homes and condominiums known as Seton Highlands at the Pinehills.
More communities are already on the drawing board, among them a gay and lesbian oriented mid-rise in Boston's Kenmore Square that will be constructed in the spring of 2007, and a 125-unit active adult community on the Charles River in Medway that should be open for spring. Savard says other communities are also planned for southeastern Massachusetts and New Hampshire.
The communities will each feature upscale units with open floor plans, cathedral ceilings and granite counters along with shared amenities, including a community room, swimming pool and clubhouse with fitness facility. All units will be priced between the mid-$400,000s to about $850,000.
The ambitious endeavor isn't the first for Savard and his partner James McAuliffe. The pair also developed four transit-oriented apartment complexes near commuter rail and MBTA stations in Cambridge, Quincy, Norwood and Medford.
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