SOURCE: Wood Partners

Wood Partners

May 19, 2011 14:49 ET

Wood Partners Announces Alta Stone Place Apartment Community in Melrose, Massachusetts

Historic 100-Year-Old Eight-Story Brick Smokestack Will Become the Centerpiece for Resident Garden

MELROSE, MA--(Marketwire - May 19, 2011) - Beginning in 1883 and extending well into the 20th century, the Boston Rubber Shoe Company facility in Melrose produced boots, shoes and other footwear suitable for the stormy wet Massachusetts winters.

The Melrose factory site will soon be transformed into Alta Stone Place, a 212-unit renovated mill and podium-style project developed by Wood Partners, one of the nation's largest multifamily real estate companies. The project involves the renovation of the existing brick and wood-beam mill building, as well as new construction.

"The historical significance of the mill building is important to the area population as many of their family members were employed at the factory," said Richard Dickason, Wood Partners' Managing Director of the Northeast Region. "It's imperative we save significant buildings in this area and it's a thrill for me to take part in the renovation of a project with such beautiful architecture, rich history and a promising future."

The mill's landmark 100-year-old eight-story brick smokestack, a focal point of the Melrose skyline, will be the centerpiece of a new resident landscaped garden area. Many original features and style of the mill building will be retained and enhanced in the renovation, including copper gutters and downspouts.

The planning and approval process for the development stretched over more than four years with the previous developer. Wood Partners and their investor partner CBRE Investors became involved less than three months ago and had to complete an enormous amount of research and due diligence resulting in a 90-day closing.

"It's amazing we completed this acquisition in such a short period of time," said Dickason. "I have never been involved in such a challenging project."

Construction will begin in June with the first units ready by next spring. The entire project is estimated to take 18 months to complete. Bargmann Hendrie + Archetype, Inc. is the architect for the project. Allen & Major Associates is the civil engineer.

Wood Partners currently has a significant development pipeline in greater Boston, including Alta at Indian Woods in Stoughton, which opened in January and is already 50 percent leased.

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