Malden officials celebrate completion of $25m development
Mayor Gary Christenson and other Malden officials recently joined the builders of The Residences at Malden Station 138 to celebrate the recent completion of the $25 million mixed-use development.
The transit-oriented project involved the creation of 69 market-rate apartments and 6,500 square feet of retail space through the restoration of the 1895 Browne-Masonic Building at 138 Pleasant St. and construction of an addition on Exchange Street.
The Browne-Masonic Building is one of the few 19th-century multistory business blocks remaining in Malden Square, and its restoration has been a key component in the ongoing redevelopment of Malden’s Pleasant Street corridor, according to city officials.
Constructed in the neoclassical style with a yellow brick façade marked by arched window bays, the building is listed on the National Register of Historic Places. A community meeting venue for many social and civic organizations over the years, the building had fallen into disrepair and disuse in recent times.
The new development’s residential units include a mix of studio and one- and two-bedroom apartments, with rents ranging from $1,850 to $3,100.
An affiliate of Corcoran Jennison teamed with the Brennan Group on the project, which was financed with a construction loan from Eastern Bank, state and federal tax credits, private equity, and a city tax break under which the developer is exempted for a period of time from a portion of the added taxes generated by the investment.
The residential units are all leased and most of the retail space is occupied by Eastern Bank and by Aura Beauty Lounge, an upscale spa, with some space remaining still to lease, according to John A. Brennan, III, vice president of the Brennan Group.