The Davis Companies Receives Unanimous Approval from the Burlington Board of Selectmen for Residential Development

The Burlington Board of Selectmen voted unanimously on Monday, in a vote of 5-0, to work with and support The Davis Companies on a “Friendly 40B” proposal at the Center at Corporate Drive. The Town of Burlington and The Davis Companies will formally file a Local Initiative Program (LIP) application with the Commonwealth’s Department of Housing and Community Development (DHCD) for site eligibility and qualification. The DHCD is expected to review LIP application over the ensuing 90 days for approval.

“We are pleased to be partnering with the Town of Burlington and the community to bring a high-quality residential development to Burlington,” said Chris Chandor, Senior Vice President of The Davis Companies and lead project manager. “We have been working collaboratively for the past 13 months with many of the Town’s stakeholders, including the Board of the Selectmen, The 40B Ad Hoc Committee, the Planning Board, the Land Use Committee and our neighbors at the Center at Corporate Drive. We look forward to continuing this process to help bring much needed high quality affordable housing to Burlington.”

The current affordable housing rate in the Town of Burlington is at 10.2 percent. However, by the upcoming 2020 Census, it is expected that the Town will fall below the required 10 percent – a critical benchmark that the Town took into consideration when reviewing the proposal. Once project eligibility is granted by the DHCD, the proposal will go before the Burlington Zoning Board of Appeals (ZBA) for final approval.

Robert Buckley, project attorney, said the Corporate Drive site is ideal for seniors and young professionals alike – two key demographics the Town expressed interest in accommodating.

“This proposal will allow seniors the opportunity to downsize their home, stay in Town, and live in a vibrant, contemporary environment that it is close to world-class health care facilities and adjacent to the MBTA bus line,” Buckley added. “Similarly, the proposed residence will allow young professionals an option to live in a new state-of-the art apartment complex and to be in close proximity to the top-notch employment options located in Town. Lastly, the residences will be attractive to both demographics due to their close proximity to a rich mix of dining and entertainment options.”

The Center at Corporate Drive is a 480,000 sq. ft. Class A master planned office park located on 47 acres off of Route 3A. The four-building park, which includes two full-service cafeterias, an outdoor patio, covered parking, a fitness center and on-site management, has recently undergone approximately $8 million in amenities upgrades and improvements. The proposed 271 residences will augment the current campus which also includes homes in the adjacent Villages at Maple Ridge.

“Our development at the Center will play an important role in solving the affordability housing issue in Town for the next 50 years, at least,” said Chandor. “These are the kind of alliances we appreciate as a development firm. They provide us with the ability to positively contribute to the betterment of communities where we, as a partner, can invest for the long term.”

About The Davis Companies

Committed to excellence in both investment performance and operations, The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested nearly $4 billion in gross asset value through real estate equity, debt, and fixed-income securities. A unique combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex and contrarian opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet across the Eastern United States.