Stoneham, MA – Calare Properties has completed the sale of 95 Maple St. in Stoneham, a 5.63-acre site primed for multi-family development. The site, which currently includes a 23,000sf warehouse/office building, a 2,280sf garage, and approximately 428 parking spaces, sold to a national apartment developer for an undisclosed amount.
“When Calare purchased 95 Maple three years ago, we recognized the incredible opportunity available at this site, which offers a highly desirable location for a range of users and optionality for future development,” said Tim Collis, VP of acquisitions at Calare. “Through our re-permitting efforts at the property and subsequent sale, we’re pleased to see our vision for 95 Maple come to fruition, creating an opportunity to support this dynamic community and its housing needs for years to come.”
Calare purchased 95 Maple in May 2020 fully leased to Beth Israel Lahey Health, which was using the site to support its storage and overflow parking needs at the nearby Winchester Hospital. In addition to providing attentive management to the property as an industrial facility, Calare also focused on strategic alternative uses for the site given its location, access, and size. The town desired additional housing units and the Calare team collaborated with local officials to update the existing zoning overlay within the industrial district to allow for the development of multi-family housing.
Proposed development plans for the site have been approved by Stoneham’s Planning Board Zoning Board of Appeals. The site currently allows for an approximately 65-foot-tall property with a unit mix including 15 studios, 141 one-bedrooms, 89 two-bedroom units, and 25 three-bedroom apartments.
The property sits within an active area of Stoneham home to medical, office, multi-family, and retail properties, and is located nine miles north of Boston with direct access to I-93.