Multifamily developer Mill Creek Residential is seeking to redevelop a commercial property on Medford’s Mystic Valley Parkway as a 400-unit apartment complex.
The firm is seeking approval under the state’s Chapter 40B affordable housing law for a $153 million development at 4000 Mystic Valley Parkway called Modera Mystic.
The 3-acre site contains a 67,500-square-foot one-story building occupied by Gold’s Gym and other businesses, and sits near the Meadow Glen Mall and Fellsway Plaza shopping centers.
Plans by The Architectural Team of Chelsea call for an 8-story, 577,000-square-foot podium-style building. More than half of the units would be one-bedrooms. Under Chapter 40B affordability requirements, 100 units would be reserved for households earning a maximum 80 percent of area median income.
Eastern Bank is the potential lender for both the construction and permanent financing, according to application materials submitted to the Massachusetts Housing Finance Agency.
Dallas-based Mill Creek also developed the 297-unit Modera Medford complex, which opened in 2017 at 5 Cabot Road.
Multifamily developers have been targeting commercial properties near Interstate 93 in Medford for large-scale projects. The Hanover Cos. of Houston is building a 350-unit apartment complex at the former Shaw’s supermarket property at 61 Locust St. Malden-based Combined Properties has submitted plans for a 544-unit multifamily complex at 278-326 Mystic Ave., including a 1.7-acre property it acquired from the Massachusetts Department of Transportation under Gov. Charlie Baker’s Real Estate Asset Leverage program.
Medford Mayor Stephanie Burke is part of the 14-member Metropolitan Mayors Coalition of Greater Boston, which pledged in 2017 to increase housing production through zoning changes. The city of Medford hired Metropolitan Area Planning Council to study rezoning the Mystic Avenue corridor for mixed-use development, but Burke withdrew a proposed zoning amendment this month amid opposition from some city councilors and residents.
