18 Jackson Street, Malden | Project Overview
Combined Properties’s residential community 160 Pleasant Street Apartments opened in September of 2006. Two blocks from the MBTA’s Malden Center transit hub, the project is a case study of smart, transit-oriented development. Over 95% occupied, it has proven popular with its residents while contributing to the revitalization of downtown Malden and providing a fiscal boost to help sustain city schools, fire, police, and other services.
Neighboring 160 Pleasant Street Apartments is 18 Jackson Street, site of the former Mal’s market and, more recently, a gym. Since the departure of the gym in June of 2008, the property has been marketed to retail tenants but remains vacant. On the strength of the success of 160 Pleasant Street Apartments, Combined Properties is evaluating the possibility of creating a new residential community at 18 Jackson Street. The project, if constructed, would represent significant new investment in Malden and would contribute to a vibrant live/work/play lifestyle for Malden Square.
Combined Properties aspires to continue creating better places to live and work at 18 Jackson Street!
18 Jackson Now and As Conceived
The images below compare the property as it exists today to the project as conceived.Click to enlarge exterior photos:
Click to enlarge interior photos:
Project at-a-Glance
| Apartment Mix: | Number |
Percentage |
| 2 bedrooms/2 baths | 97 |
47 |
| 1 bedroom/1 bath | 101 |
44 |
| Studio/1 bath | 35 |
14 |
| Total: | 233 |
100 |
Floors: 6
Site: 2.25 acres
Features: Media room, fitness center, business center, outdoor sun-deck, covered garage parking, building-wide Wi-Fi, in-home washer/dryer, electronic security and access control
Aerial Site Plan
Site Plan Rendering
Aerial Photo | Downtown Malden Looking Northwest
Rendering showing how project would fit into existing Route 60 streetscape
Perspecitive View| Looking Northwest from Route 60
The image below depicts buildings adjacent to the Jackson Street project site
Route 60 Streetscape
Click to enlarge image:
Community Benefits
- Revitalizes a Malden Square property vacant since June 2008
- 24/7 lifestyle enlivens downtown
- Boosts disposable income supporting downtown restaurants and shops
- Upgrades downtown aesthetics and streetscape, including Exchange Street
- Enhances pedestrian experience
- Improves public safety
- Reduces traffic compared with retail or office use
- Elevates value of adjacent properties
- Contributes to cohesiveness of street grid, helping to knit together the downtown
Bottom Line: Smart, transit-oriented living with advantages for the neighborhood and city
Fiscal Benefits
Revenue from Real Estate Taxes:| FY 2010 tax: | $66,101 |
(with existing building) |
| After development | $383,190 |
(estimated) |
| Revenue increase | $317,089 |
(annually) |
| Percent increase: | 380% |
Additional Revenues: Water/sewer fees, vehicle excise taxes, meals taxes
Bottom Line: New private-sector investment in Malden without cost or risk to the city