(To read more on the multifamily market, click here.)
CONCORD, MA-An old industrial site in Concord is set to become the home of a luxury condominium complex. The driver is a $20-million-plus redevelopment project that will add 58 units to the town's upscale housing stock.
John Boynton, a principal with the Concord-based Boynton Co., which is developing the project with Tambone Investment Group of Burlington, tells GlobeSt.com that the former Atlantic Pre-Hung Doors site sat vacant for about three years before he acquired the Conant Street property in hopes of turning it into residential units.
"As an industrial use, it wasn't in the greatest location because it was in the middle of a residential area," says Boynton. Situated less than a mile from shopping and transit in West Concord Center, however, it was perfect for residential redevelopment.
Through a joint venture partnership arranged between Boynton and Tambone through Boston-based EagleBridge Capital, the former factory building was demolished and is being replaced by a ground-level concrete parking garage topped by two three-story buildings connected by a common deck area and containing 58 luxury units.
Boynton says the project, known as Concord Commons, is set to be completed by this spring and has received purchase agreements from about 10 buyers. Those opting to buy a unit can choose between two- and three-bedroom condos at prices ranging from the high $300,000 to the high $700,000.
The project is particularly appealing to younger buyers who want to cash in on Concord's top-notch school system but can't afford the community's high-ticket homes, which have a median price of about $700,000, Boynton says.
For the money, buyers get upgraded finishes, including granite counters, gas fireplaces, hardwood floors, indoor parking and private balconies.
Boynton is betting that even the region's sluggish condo market won't hamper sales given the luxury project's Concord address. He expects all 58 units to be sold by the end of the year.
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