'Smart growth' development takes shape
Fidelity unit's Oak Grove Village expected to transform 15-acre 'eyesore' on Melrose-Malden line
It turns out the mutual fund world isn't the only place where Fidelity Investments tries to practice "smart growth."
Among the Boston investment giant's varied business interests is real estate, and after five years of development, a smart-growth project is taking shape on 15 acres near the end of the MBTA's Orange Line on the Melrose-Malden border.
When finished, Oak Grove Village will boast 550 upscale apartments and 17,000 square feet of retail space, for seven businesses.
The location is a mostly industrial area that had been an "eyesore" and was "dramatically underutilized," said Melrose Mayor Robert J. Dolan .
"This is the most significant real estate development in the history of the city," he added. "This was a large piece of somewhat blighted land. Now it provides the type of housing we're in desperate need of -- options for young professionals with no children yet, who are not looking to buy, and also people who are just retiring and want to downsize."
Melrose, where 400 of the units are being built, lost residents seeking upscale rentals, because it had none to offer, Dolan said. The retail element was also crucial because Melrose's tax base is more than 90 percent residential, he said.
The property was home to
Now, Oak Grove is the first residential development built in the United States by Fidelity's real estate unit, Pembroke Real Estate.
Of the 244 units finished last August, 74 percent have been leased, a "very encouraging" rate, said Tom Walsh , Pembroke's development director. He said the project's location, near hundreds of acres of parkland and the T station, is "extraordinary.
"We have essentially created a new neighborhood here. And it's not a gated community. It's a pedestrian-friendly area with retail, and we invite people to come here and walk around. It's not an island unto itself," Walsh said.
Pembroke will start leasing the retail spaces soon, probably to a restaurant, day spa, dry cleaner, cafe/bakery, and a convenience store, he said.
Dolan said Pembroke transformed the Main Street site from a place that was "sad to look at" to one that is visually appealing and, with old-fashioned streetlights and trees, is in character with nearby downtown. "They made changes mid construction to make sure it would all fit into the greater community," he said. "They've been as sensitive to the appearance as we have."
A footbridge was built over a state canal, a path to the T station was created, and 350 trees were planted. Underground parking leaves more room for green space. The nearby T station, coupled with Pembroke's willingness to put parking underground, prompted Melrose to reduce its requirement of parking spaces by 20 percent, said Denise Gaffey , the city's planner.
"A parking garage was something nobody wanted to see," she said. "They didn't need so much parking, and you don't want too much built, because if you build it, people will use it."
The project got off to a rough start. In 2002, opponents concerned about congestion, flooding, and environmental hazards, appealed the special permits the project received from Melrose in local court. The plaintiffs settled with Pembroke in 2004, after it agreed to reduce the project's size by 25 units and 4,000 square feet of retail space, and contribute money to an affordable housing fund for Melrose and Malden, along with other organizations.
Pembroke also agreed to include residents on a committee that discussed project issues.
Before the suit, Pembroke agreed to make 14 units available at affordable rents, pay for improvements at six intersections, and contribute to sewer improvements.
Still, some residents remain unhappy with the development. Curtis Priest said it has made the adjacent Pine Banks Park less enjoyable. "It basically interferes with a recreational area with 100 years of history," he said. "People who exercise and go there for relaxation are now subjected to excessive noise and traffic."
Oak Grove Village's tenants are coming from the Boston area and along the Interstate 93 corridor, said Pembroke's Walsh. About 60 percent commute via public transit, more than expected, he said.
The apartments include lofts, one-bedrooms, and two-bedrooms, some with fireplaces, balconies, bay windows, ceilings up to 10 feet high, and patios. Rents start at $1,595 for a one-bedroom, $1,945 for a two-bedroom, and $2,145 for a loft with one bedroom and two bathrooms.
A clubhouse features a fitness center, media room, and an outdoor pool.
The first phase's final 105 apartments will be completed this summer, and Pembroke could begin construction on the second phase, another 201 apartments, in the fall, Walsh said.
Melrose's downtown has already had an influx of new customers from Oak Grove Village, said Dolan, the mayor.
"Our downtown has to compete with malls, so the more people we keep in the community, the better," he said. "This is the kind of clientele that will reinvest in the community, and it's already been noted by businesses downtown. These are not transient people."
