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massdot-formal_logoThe Baker-Polito Administration’s Massachusetts Department of Transportation (MassDOT) is pleased to announce that Combined Properties’ $6 million bid is the winning bid in the sale of the land parcel located at 300 Mystic Avenue in Medford.

Combined Properties’ bid proposal includes converting this parcel along with adjacent land into a residential and commercial development with over 500 residential units and 53,000 square feet of retail and restaurant space. The current plans for the development would create an estimated 1,650 construction jobs, is estimated to generate over $6.8 million annually in income and sales taxes during the construction period, will establish approximately 150 permanent jobs, and, after the project is completed, will produce more than $1.6 million in annual income and sales taxes and will generate for the City of Medford more than $1.3 million in annual taxes and fees.

“We are proud to announce the winning bidder in the sale of this prime piece of real estate within the City of Medford and to continue leveraging our existing state assets to support local economic growth and development,” said Governor Charlie Baker. “Through the sale and transformation of underutilized pieces of state property such as the Mystic Avenue parcel, we can encourage job creation, empower local residents, and help build strong, vibrant cities and towns throughout the Commonwealth.”

“The sale of this parcel is an important step toward achieving our transportation and local development goals while better utilizing state assets for the local community,” said Transportation Secretary and CEO Stephanie Pollack. “We are pleased to continue working closely with local cities and towns and members of the private sector in order to strengthen communities, increase economic development and to provide jobs to citizens across Massachusetts.”

The sale of the assembled 1.67 acre site, which is currently being utilized as a MassDOT sign shop, is an example of the Baker-Polito Administration’s “Open for Business” initiative launched in 2015.  The Governor’s initiative seeks to develop Commonwealth-owned vacant or underutilized assets so they may have more productive uses to benefit the local economy, including office space, retail and housing. To date, 24 state-owned assets have been sold or leased and they, when fully developed, will generate $553 million in revenue, 2,153 new housing units, nearly 1,500 new jobs, nearly 1.3 million square feet of commercial space, and more than $20 million in annual, local property tax payments.

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