Wednesday, May 2nd, 2007
Office: (617) 646-3336
Cell: (978) 273 – 8478
FOR IMMEDIATE RELEASE
MEADOW WALK AT LYNNFIELD RECEIVES TOWN MEETING APPROVAL TO TRANSFORM COLONIAL SITE INTO VIBRANT, MIXED-USE COMMUNITY
National Development to Build 68-acre Village Adjacent to Route 128
LYNNFIELD, Mass. (May 2, 2007) – Newton-based National Development received approval from a record number of Lynnfield Town Meeting voters on Monday, April 30, to rezone the 202-acre Sheraton Colonial Golf Course site adjacent to Route 128. The Meadow Walk at Lynnfield project will transform 68 acres of the golf course into a vibrant, pedestrian-friendly village incorporating 395,000 square feet of lifestyle retail, 80,000 square feet of office space, and 180 residential units, while preserving 103 acres of permanent open space for the community. The rezoning is permitted under Massachusetts Chapter 40R, the state’s new “smart-growth” incentive that encourages communities to develop housing in conjunction with mixed-use space.
Meadow Walk at Lynnfield will feature upscale shops, fine dining, and premier office space anchored by an organic grocer and centered around a spacious town green. Its design evokes the feel of a small, New England town center. Meadow Walk will also include 40 owner-occupied units of housing for Lynnfield residents ages 60 and over to be developed in partnership with Lynnfield Initiative For the Elderly (LIFE). The 280-room Sheraton Hotel and the Boston Sports Club will remain on site, but the hotel will undergo renovations.
“Meadow Walk at Lynnfield is a premier example of innovative, mixed-use development where people will be able to live, work, shop and play,” said Ted Tye, managing partner for National Development. “This high-end, ‘main street’ village will reflect the heritage of Lynnfield and will be the region’s premier upscale retail, office and residential development.”
The Lynnfield Town Meeting drew a record 1,983 Lynnfield residents, with an overwhelming 81 percent voting in favor of the rezoning. The Meadow Walk proposal had been reviewed at numerous town meetings and forums over the last year and was unanimously endorsed by Lynnfield’s Board of Selectmen and Planning Board.
Tye indicated that his firm intends to be innovative in its design of Meadow Walk. “We have used the best town centers from throughout New England as our models for the development,” said Tye. “Meadow Walk will have the look and feel of a classic New England ‘main street’ with an incredible mix of shopping, restaurants, offices and housing.”
Construction on Meadow Walk is scheduled to begin in 2008. The Sheraton Colonial Hotel and Boston Sports Club will remain open through construction. The golf course will continue to operate through the 2007 season.
About National Development
National Development is an interdisciplinary real estate company that provides development, construction, asset management and investment acquisition services. The Newton, Mass.-based firm is ranked as one of the largest development companies in Mass. National Development has a diverse product base with major projects in the office, industrial, retail, senior housing, multifamily, hotel and institutional sectors. Since 1983, National Development has developed more than fourteen million square feet in 40 communities throughout the region.