Members of the Development Team
Malden and Revere are working with two private developers to stimulate a new phase of a two-community planned development area at Overlook Ridge.
Beginning in 2001, private development, coordinated with the two communities, has transformed a former rock quarry into a master planned project that has produced 1,977 market rate rental units during six phases of development. The only public infrastructure funds to support this project since its inception was an MWRA loan used to deliver water and sewer infrastructure to the site and mitigate any service issues in the area. It been paid back in full.
The project has delivered more than $7 million in public benefits to the two communities and provided a significant amount of new housing to meet regional demand.
The final phase of development at Overlook Ridge represents $460 million in private investment and includes 737 new housing units (affordable, middle-income, and market rate apartments), 14,000 square feet of retail space, and a 112 key hotel. If infrastructure funding is available to fund the public road improvements, the first two lots included in the final phase of Overlook Ridge will break ground as soon as October 2024.
Veris Residential, Inc. is a forward-thinking, environmentally- and socially-conscious real estate investment trust (REIT) that primarily owns, operates, acquires, and develops holistically-inspired, Class A multifamily properties that meet the sustainability-conscious lifestyle needs of today's residents, while seeking to positively impact the communities it serves and the planet at large. The Company is guided by an experienced management team and Board of Directors and is underpinned by leading corporate governance principles, a best-in-class and sustainable approach to operations, and an inclusive culture based on equality and meritocratic empowerment. For additional information on Veris Residential, Inc. and properties available for lease, please visit: http://verisresidential.com.
WinnDevelopment is the development arm of WinnCompanies, an award-winning, national owner, developer and manager of high-impact affordable, middle income, mixed-income, market rate and military housing communities. Founded in Boston in 1971 and supported by 3,900 team members in 23 states and the District of Columbia, WinnCompanies is one of the nation’s largest multi-family housing managers, as well as the top manager of affordable housing and privatized U.S. military housing in the U.S. The company also owns 125 apartment communities in 11 states and the District of Columbia. WinnDevelopment has built dozens of apartment properties in Massachusetts, with a focus on mixed-income housing, particularly middle income housing. For more information, please visit: https://www.winncompanies.com/.