Condos in a former Reading post office are slated for summer delivery
Market-rate unit prices range from $450,000 to $900,000.
A Lynnfield developer is transforming the historic former post office in downtown Reading into condominiums and retail space.
The imposing Corinthian columns of the 110-year-old post office will welcome visitors to the commercial space at The Postmark, a mixed-use development less than a half mile from the commuter rail.
The residential side, composed of 50 luxury units, is more than half under agreement, according to listing agent Zach Lombardi, principal of the Aranson Lombardi Team at Compass Real Estate.
And the structure isn’t fully framed yet.
There will be one-, two- and two-bedroom-plus units; secure, heated parking; outdoor parking; an exercise room; a roof deck; and a lounge. Market-rate unit prices range from $450,000 to $900,000. Developer DiBiase Homes has set aside 10 of the units as affordable housing to qualified buyers.
This transit-oriented, mixed-use development model has been successful in cities, but there is demand for it in the suburbs, Lombardi said. “This is happening in more urban towns, but it doesn’t exist in the downtown of many suburban towns like Reading. Empty-nesters and families have been moving into the city for it, so why not create it where they currently live?”
Lombardi said another draw is that buyers can customize their unit, to some degree, given that construction is ongoing. A buyer who puts down a small deposit has two weeks to meet with a designer from the DiBiase team to choose from a range of options — appliances, countertops, tile, backsplashes, vanities, and paint colors — included in the base price, as well as upgrades, he said. The condos are slated for delivery this summer.
Lombardi has worked with DiBiase Homes before, and he said he appreciates their customer-centered approach. “The ownership group does the final walk-through with the buyer. It’s a father, son, and two daughters,” he said. “It makes it enjoyable to sell.”
Town Manager Bob LeLacheur said the town and its residents are excited about The Postmark and other developments underway because they are drawing new people and businesses to the community. Two similar projects are being built on Gould and Main streets.
LeLacheur said the town is focused on improving infrastructure to support more growth, while balancing that growth with Reading’s small-town feel.
“From an economic development standpoint, the vitality that new residents will bring to the area will be critical for the success of our local businesses and ongoing efforts to position Reading as a destination in the region,” he said in an e-mail.
See more renderings of the property below:
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