The City of Malden has finalized a deal to sell its government center and police station for $9.8 million.
Jefferson Apartment Group has agreed to purchase the 2.2-acre site at 200 Pleasant St. and plans to spend $80 million redeveloping the site into two buildings with 245 market-rate apartments, 17,250 square-feet of retail space, and structured parking for 315 vehicles, city officials said.
The project will reconnect Pleasant Street — which has been blocked since the government center was constructed in the 1970s — and open the way between the city’s downtown area and the Malden Center stop on the Orange Line.
Sandi Silk, vice president of development for the Jefferson Apartment Group, said the site was attractive to the group because of its close proximity to the T.
“The Malden site is very unique as an opportunity to be a catalyst for revitalization,” Silk said.
Jarret Bencks can be reached at firstname.lastname@example.org.