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Pembroke Launches Development's Phase II

MELROSE, MA-The 16-acre neighborhood when complete will have 550 apartments and 15,000 sf of retail space.

By Ryan Clark | Updated on June 19, 2008

MELROSE, MA-Pembroke Real Estate, the corporate real estate arm of Fidelity Investments, is pushing into its second phase of construction on Oak Grove Village here. The 16-acre neighborhood when complete will have 550 apartments and 15,000 sf of retail space.

The second phase of the development will add 201 apartments and single-level, underground parking beneath five of its buildings. The projected completion for this phase is the spring of 2009. Pembroke would not comment on the estimated cost of the second phase.

The first phase of development entailed 349 apartments, a fitness center, media room, swimming pool and a great room for residents. The apartments vary one to two bedrooms that range in size from 615 sf to 1295 sf. The rent for single-bedroom units are $1690 to $1960 while two bedroom units go for $2175 to $2500. Officially, the development is considered to be in two different towns as neighborhood is bisected by the border of Malden and Melrose at the final stop of the Orange Line. The first phase of the development officially completed in August of 2007, although Pembroke began opening the development to tenants in 2006. Oak Grove Village is 97% leased to date.

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