A joint venture between Leggat McCall Properties and Beacon Capital Partners has acquired an 8-building complex spanning a full city block in East Cambridge, Mass.
The value of the transaction was not disclosed.
One First Street is located on the corner of First Street and Cambridge Street.
The firm will redevelop the site into a residential condominium project, which has been approved for 199 residential units, 203 parking spaces and approximately 8,000 square feet of ancillary retail space.
The project is comprised of five independent buildings ranging from 8 units to 66 units each. The development will include a mixture of the old and the new – a true re-use development that will replace the old New England Confectionery Company (NECCO) candy factory’s industrial buildings with new state-of-the-art residential condominiums. The five buildings surround a private courtyard and are bound by First Street, Cambridge Street, Second Street and Otis Street.
The units range from 700 square feet to 2,600 square feet and include one-bedroom, two-bedroom and three-bedroom condominiums, lofts and townhouses.
The amenities for the project include a 12,500-square-foot landscaped private courtyard, a common roof deck, on-site management, a fitness room, a common library, concierge service, wireless and hi-speed internet access, on-site garage parking and security. Many of the units have private outdoor balconies or terraces.
Construction for the project will start by late November 2004, and the projected occupancy for the project is March 2006.
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