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L&G to start two-building, 201-unit multifamily project in Concord
The London-based investor plans to begin construction this year or in fall and will set aside 25% of the units as affordable under Massachusetts Chapter 40B.
L&G Asset Management has acquired part of an office park at 292-294 Baker Ave. in Concord, Massachusetts, and plans to start construction this year on a two-building, 201-unit multifamily development, according to Bisnow.
The London-based firm is partnering with Taurus Investment Holdings, which advanced the project through the planning stages over the last three years. L&G said it now targets a construction start in the fall, after previously discussing a June ground-breaking timeline in March through the Concord Select Board.
L&G is funding the project through its institutional retirement division, and Bisnow reports this will be its first ground-up development in the U.S. The project will be located west of Concord Center and the Old North Bridge site tied to the American Revolution.
L&G expects the development to include affordability set-asides, with 25% of the 201 units reserved under Massachusetts Chapter 40B law. Bisnow notes Concord has been pressing for more affordable housing in recent years.