Mayor Gary Christenson recently participated in a Ribbon Cutting Ceremony at the Residences at Malden station, located at 138 Pleasant Street in downtown Malden, just steps from the Malden Center T Orange Line stop. The building is one of the few 19th century multi-story business blocks remaining in Malden Square. The restoration of this property has been a key component in the ongoing redevelopment of Malden’s Pleasant Street corridor.
The $25 Million Dollar transit-oriented development is an historic rehabilitation of the former Masonic Hall, office and commercial space. Built in 1895 for prominent local businesses, the building now sits on the National Register of Historic Places. Throughout the years the building has also served as a community meeting venue for many social and civic organizations. The building had fallen into disrepair and disuse in recent years.
The developers worked closely on a restoration and permitting program with local officials to convert the building to a mixed-use development of 69 market rate residential units and 6,500 square feet of ground floor commercial space. The redevelopment included a careful restoration of the original building built in neo-classical style architecture with a yellow brick façade marked by arched window Bays of Roman form. Many of the new residential units include exposed truss, brick, and restored original hardwood floors.
The Development entity is 126-150 Pleasant Street Associates LLC, a venture of a Corcoran Jennison affiliate and the Brennan Group. The residential units are 100% leased and the ground floor retail is occupied by Eastern Bank and Aura Beauty Lounge, an upscale spa. Eastern Bank Provided the Construction financing. Federal and State Historic Tax Credits, Commonwealth of Massachusetts Housing Development Incentive Program (HDIP) Tax Credits, a City of Malden Tax Increment Exemption Agreement and owner equity completed the financing.