COMPLETED DISPOSITION OF STATE-OWNED REAL PROPERTY
FORMER MWRA MAINTENANCE FACILITY: GLENWOOD YARD, MEDFORD, MA

DESCRIPTION OF PROPERTY
On September 30, 2002, as part of a system-wide restructuring of its existing maintenance operations the Massachusetts Water Resources Authority (MWRA) vacated and transferred care and control of its Glenwood Yard facility located at 59 Amaranth Avenue in the city of Medford to the Division of Capital Asset Management (DCAM). The site comprises approximately 2.1 acres in size and had contained four- (4) buildings containing 19,600 S.F. of administrative and office space and a large parking area with spaces for forty (40) cars. The property was zoned Industrial, but is bordered by multi-family residences.

DISPOSITION PROCESS & ECONOMIC BENEFITS

DCAM consistent with its statutory authority under Section 548 of Chapter 26 of the Acts of 2003 sold the subject property, through public auction, to Amaranth, LLC for $2,111,750 on April 14, 2004. The property was formerly conveyed to the developer on June 23, 2004 and is currently being developed as a condominium community to be called 59 Amaranth Place. When completed, the development will consist of 40-market rate and 1 affordable rate unit ranging in price from $319,900 to $449,900. Eventual construction costs are expected to be upwards of $14 million including over $800,000 in developer sponsored infrastructure improvements to the City of Medford. The redevelopment of this former state-owned property has resulted in the creation of dozens of construction related jobs, positively impacted the City's tax base and eventually will transform an unproductive and unappealing property into a model residential community.