Large Revere Site, Built-to-Suit Under Way in Waltham, and Land in Marlborough
WATERTOWN – Three new real estate properties are now available for businesses expanding in Massachusetts or for new businesses from other states or nations, as MassEcon has added the varied sites to its “ReadyMass 100” list for early 2019.
“MassEcon is pleased to add three properties, in Marlborough, Waltham, and Revere, to the ReadyMass 100 portfolio,” said Peter J. Abair, who on January 1, 2019, assumed the role of Executive Director of MassEcon from Susan Houston.
“As we work with our partners to recruit new employers to Massachusetts,” Abair said, “properties such as these greatly augment the competitiveness of the state to win new opportunities. We credit the property owners and each municipality for getting these properties on the fast track.”
MassEcon’s list is updated twice a year, as property owners choose to feature their new land and buildings and are approved by MassEcon’s ReadyMass 100 Evaluation Committee. The three new properties are 135 American Legion Hwy. in Revere, Hobbs Brook Office Park in Waltham, and 325 Lincoln St. in Marlborough.
The three new properties brought to the number of properties listed on the ReadyMass 100 up to 80. (The list is capped at 100, but in recent years as Massachusetts has enjoyed robust business activity, has hovered in the high 70s). There were 77 on the list at the end of 2018, before the three new properties, each with unique features and potential, were added. The properties can be viewed on MassEcon’s website at: https://massecon.com/services/readymass100/search.
Details of the three new properties added:
- 135 American Legion Hwy. in Revere is the former headquarters of Necco, the confectionary company, and is 826,338 square feet, with a maximum property buildout of 1.1 million square feet. It is now a two-story building with 615 parking spaces and is three miles from Logan International Airport. The property is owned by Atlantic Revere Realty, LLC and is being marketed by Newmark Knight Frank.
- Hobbs Brook Office Park in Waltham is located at 225 Wyman St. and is appropriate for office, research and development, biotechnology or laboratory uses. It is 507,000 square feet, is owned by 275 Wyman LLC, and is being marketed by Wyman Street Advisors.
- 325 Lincoln St. in Marlborough is land owned by the City of Marlborough. It is 2.2 acres in size and is appropriate for a variety of uses ranging from office to laboratory and manufacturing. It is being marketed by the Marlborough Economic Development Corp. and is located in the emerging business-friendly French Hill section of the community.
“We are very excited to be promoting 325 Lincoln St. through the ReadyMass 100 program,” said Meredith Harris, Executive Director of the Marlborough EDC. “The French Hill neighborhood is a natural extension of Marlborough’s downtown, and this site in particular lends itself to being the catalyst for a real renaissance in that area of the city through a mixed-use development. The area’s walkability and location have great potential for new restaurants, retail businesses and various amenities.”
MassEcon, which celebrated its 25th anniversary in 2018, continues to promote business activity in Massachusetts with its ReadyMass 100 list of available locations. The list is now in its 11th year.
There were 79 properties on the ReadyMass 100 list last summer. Properties are removed when they are sold or occupied, or for other reasons of the owner’s choosing. One of the properties removed from the list in 2018 was 314 Main St. in Kendall Square in Cambridge, owned by the Massachusetts Institute of Technology. It was leased by Boeing to develop a new Autonomous Aircraft Center.
Doug Kehlhem is MassEcon Senior Director in charge of the ReadyMass 100 program. “ReadyMass 100 has positioned MassEcon on par with other states and regions around the country when it comes to having a list of shovel ready sites that are ready for development,” Kehlhem said.
Although dozens of sites are available to companies inside or outside Massachusetts, large properties continue to remain in relatively short supply in the Commonwealth. The newly added property in Revere is one of the largest currently available.
The ReadyMass 100 initiative is designed to promote expansion opportunities for businesses. The initiative helps to retain companies growing in Massachusetts and to communicate to both in-state and out-of-state companies that Massachusetts has a ready inventory of properties to meet the needs of businesses of all sizes and across all industry sectors. MassEcon developed the initiative as part of a collaboration with the Commonwealth, regional economic development groups, and the real estate community.
A team of real estate experts, in collaboration with MassEcon’s state partners, rigorously evaluated properties, which include both building and land sites, are certified for immediate occupancy or development, and have met key criteria relating to infrastructure, permitting, size and readiness.
Property owners or brokers pay a modest fee to have their properties listed on ReadyMass 100. Properties must meet certain specifications to be added to or remain on the list. Since its inception in 2009, the ReadyMass 100 has resulted in more than 50 success stories that represent about 7 million square feet.
MassEcon champions Massachusetts as the best place to start, grow, or locate a business. Bringing the public and private sectors together, we work to create a supportive culture for business, enhance jobs growth, promote investment in communities, and spread prosperity throughout the state. For more information, please go to www.massecon.com or www.twitter.com/MassEcon.