Market Street Foundations Expected In Fall

The site work that many Lynnfield residents have noticed at the site of the future Market Street development will continue for about four more months, with building foundations expected to start appearing in the fall.

Appearing at Monday night's selectmen's meeting, Ted Tye, managing partner of National Development, reported that workers are clearing and leveling the site and preparing to build the berm that will be located near Walnut Street. "The next four months will be very heavy site work," said Tye, noting that work will also begin on the site's utilities and loop road. 

The first stage of Market Street at Lynnfield will feature almost 300,000 square feet of prime retail space, about 15,000 square feet of office space, with work on residential units set to begin shortly thereafter. "We'll be announcing more and more tenants as we go along," said Tye. He also pointed out that commitments have been made to tenants to have the site open by the end of 2013. "Changes will be fast and furious," he said.

The new marketstreetconstruction.com website was also mentioned. The site was created by National Development to keep residents apprised of the construction progress and to provide other related information. "A lot of questions will be answered by going on that website," said Selectman Dave Nelson.

Tye added that around this time next year, workers should be completing the infrastructure on the site, which will also set the stage for the LIFE (Lynnfield Initiatives For Elders) senior housing development to get underway.

Sometime in September, the town is expected to receive about 7 acres of land at the site under the deal with National Development, which it will then sell to LIFE. Joe Maney, president of LIFE, was in attendance and explained that the LIFE portion of the project will consist of 12 townhouses and a three-story building containing 12 units on each floor. The townhouses will be distributed among 5 separate buildings, will be about 1,400 square feet, and will have garages. They are expected to sell in the low $400,000 price range, reported Maney. In the three-story building, the end units will be 1,250 square feet selling for about $400,000, while the middle units will be about 1,000 square feet selling for about $290,000.

The name of the development will be Colonial Village and it will feature 48 units in total on 6.5 acres of land. Maney also said that the final price of these homes will have to reflect the costs, pointing out that the land cost alone here amounts to $37,500 per unit. The land will cost LIFE about $1.8 million, said Maney, while the buildings are expected to cost about $15 million. Colonial Village will be located at the first hole of the former King Rail Golf Course. Another aspect of the project will see a new nine-hole course created from seven of the former holes at the old course.

Residents have also noticed the blinking traffic lights that have stood outside the Market Street entrance since earlier this spring. Town Administrator Bill Gustus reported that underground utility work is currently underway there, and that after it is completed, the traffic lights should be fully operational by late May or early June.

"I think everyone is excited that this is finally moving forward," said Select Board Chair Bob MacKendrick.