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Twin City Plaza was a revitalization project of a dated 300,000 square foot shopping center, situated on the borders of Cambridge and Somerville, in close proximity to Boston. The entitlement process encompassed legislative approval for a land exchange with the Metropolitan District Commission (MDC) and obtaining permits from both of the distinct municipalities. In addition, the parking arrangement at Twin City Plaza was inadequately designed, and upon acquisition, the center suffered from a significant vacancy rate.
Zelco Properties and Development obtained legislative approval for the land swap, secured traffic permits from the MDC, obtained Massachusetts Environmental Policy Act (MEPA) approval, and successfully acquired the necessary permits from both Cambridge and Somerville. As part of the redevelopment, additional land was acquired, enabling a reconfigured and improved parking layout with the addition of 100 new parking spaces.
The expansion of Star Market resulted in the establishment of a new Shaw’s Supermarket, and additional retail space was added in order to accommodate a new Marshalls store. Following these enhancements, we stabilized the property and completed its sale to a REIT in 2006.