Beverly, MA – Barnat Development has been designated by the Massachusetts Bay Transit Authority as the successful bidder for 112 Rantoul Street, a parcel of land located adjacent to the Beverly Depot Garage. Barnat is planning a mixed-use, transit-oriented rental project with 70 units and 3,000+ sf of retail space. The project will utilize the existing parking in the MBTA garage to serve the new residences and retail.
“Beverly is a wonderful city with a first-class walkable downtown and convenient access to job centers,” said Sarah Barnat, principal of Barnat Development.
The development will be a luxury residential building with new ground floor retail. It is anticipated that 12% of the units will be designated as workforce housing with capped rental prices for middle-income households. Although the retail tenant is not yet identified, the space will be designed to accommodate a café or gourmet food store.
The project’s total capital investment is approximately $20 million, and permitting is expected to occur this fall.