A British developer planning a billion-dollar pipeline of dorm-style housing projects in Greater Boston has acquired three properties in the heart of Somerville’s Davis Square for nearly $10 million.
The parcels acquired by coliving developer Scape include a block of storefronts on Elm Street occupied by such tenants as the Burren Pub, McKinnon’s Meat Market and a When Pigs Fly Bread company store. The transaction also includes a parking lot behind the retail block.
Scape signed a 99-year ground lease for the three parcels, all of which are owned by Newton-based developer Myer Dana and Sons, on July 19, according to Middlesex County Registry of Deeds records. The price was $9.755 million.
London-based Scape established its U.S. headquarters in Boston last year and is targeting the region as its jumping-off spot for nationwide expansion. It’s seeking approval for a 533-unit coliving development at 1270 Boylston St., and acquired two properties at 2-6 Charlesgate West and 1161 Boylston St. for $39 million in April.
Developers are pursuing several coliving developments in Boston, in which they rent individual rooms to tenants who share common areas such as living rooms and kitchens. New York-based Common Living Inc., which is partnering with developers Boylston Properties and ARX Urban in a proposal for 70 coliving suites at 525 Lincoln St. in Allston, estimates such developments can deliver returns that are 23 percent higher than a traditional apartment complex.
Scape has met with Somerville planning department officials to present preliminary ideas, Planning and Community Development Director George Proakis said in a statement. The city provided its goals for housing, small business districts and design, and a public process will begin before Scape submits a formal application.
Scape said it’s committed to a transparent process for the Davis Square site.
“We remain excited to bring an innovative approach to urban living in Boston and beyond. As we look to potential projects in Somerville, we are fully committed to a transparent process that engages all stakeholders as we move forward on specific plans over the next few years. We are currently focused on 1252-1270 Boylston St. in Boston. We look forward to working with the neighborhood, community stakeholders and the Somerville Planning staff,” the statement said.
This report has been updated with comment from Somerville Director of Planning and Community Development George Proakis.
