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Thursday, December 2, 2010

Max Pac Construction To Begin In 2011

For Immediate Release:

KSS Realty Gains New Partner and Pushes MaxPac Project Forward

BOSTON – KSS Realty Partners, Inc. announced that it has completed a joint venture agreement with Gate Residential Properties, LLC to develop a, first-class, 184-unit apartment community at the MaxPac site located at 56 & 61 Clyde Street, Somerville, MA. The proposed Transit Oriented Development project will consist of four (4) buildings, ranging from three (3) to four (4) stories, each with below grade parking, and will feature a variety of apartment types, from studios to 3-bedroom units. Twenty four (24) of the total units have been designated as affordable.

The project will offer extensive amenities for all residents as well as over 2.7 acres of landscaped area focused around a central park. Significant portions of this newly created open space will be accessible to the general public and will provide direct connections to the soon-to-be constructed extension of the Somerville Community Path. The site is also adjacent to the planned Lowell Street Green Line extension stop which is slated for completion in late 2015.

Stephen Smith, a former principal in the project, has relinquished his interest and no longer has an ownership or legal position in the MaxPac project. The newly formed development team is anticipating a groundbreaking in the Spring 2011 with construction completion projected in Spring 2013. "This is an exciting project for Somerville, because it kicks off the first wave of new transit-oriented housing and development in our city. KSS really is blazing a trail by redeveloping what had been decaying industrial site in anticipation of the return of mass transit through the heart of Somerville. The city's future will begin to take shape at the MaxPac groundbreaking this coming Spring." said Mayor Curtatone.

KSS Realty Partners, Inc. is a Boston-based multifamily development firm specializing in managing the entitlement process with both local government officials and impacted abutters. KSS has worked in multiple Boston area communities to reposition underutilized and environmentally challenged sites into active and productive residential uses.

Gate Residential Properties, LLC is a newly formed, Boston-based, multifamily development firm focused on both high-rise and low-rise housing. The Principals of Gate Residential bring extensive experience in all facets of multifamily development and have been involved in the permitting, planning and execution of thousands of housing units in the Greater Boston area including Archstone Avenir, Folio Boston, Sierra & Tango, and Archstone North Point.

Contact:

Ted Tobin
Director of Acquisitions
the KSS/Gate development team
617-670-2551

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