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Proposed development in Cambridge could add more than 2,600 apartments
The proposed development would cost $4.5 billion, according to the filings submitted to the state.
A proposed nearly 46-acre development in Cambridge could add more than 2,600 housing units near the MBTA Red Line terminus.
Healthpeak, a Denver-based real estate developer, filed a 132-page environmental notification form to the Massachusetts Environmental Policy Act Office earlier this month. It detailed a proposed redevelopment of 45.7 acres for residential, commercial, and “neighborhood” uses near Fresh Pond off Concord Avenue near the Alewife Station.
The proposed development will cost $4.5 billion, according to the filings, and will produce 4.6 million square feet of floor area, including the 2,601 housing units. About 14 acres of the project will be plazas, open spaces, and pocket parks, according to Healthpeak’s filing. Construction is expected to last a decade.
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“The proposed layout of walkable streets, active ground floors, and new vibrant open space areas aim to create a pedestrian-oriented experience that fosters face-to-face interaction,” the filing said. “Diverse housing options, consumer services, recreational amenities and diverse programming are intended to draw a broad range of residents.”
The project will also include a new pedestrian bridge over the Commuter Rail tracks for access to the MBTA Alewife Station, according to the filings, which were first reported by Banker & Tradesman. The final design is still awaiting official approval from the MBTA and local officials, the proposal said.
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The tallest building would be 160 feet, or potentially up to 16 stories, the documents said. Three existing buildings will be included in the project, including two six-story office buildings and a two-story retail structure.
A map of the proposed development included in the filing shows about 20 new buildings around Fawcett Street and Smith Place.
Healthpeak estimates construction should begin within a year after local approvals, which should come through in the late summer of 2026, the proposal estimates. The project will be built in two phases in a minimum of ten years “for full build out.”
Healthpeak did not return a request for comment.
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