Medford Getting Jobs, Housing, Retail As State-Owned Land Finds Buyer

MEDFORD, MA — A parcel of land on Mystic Avenue is being sold to a company that intends on converting it into a sizable retail and residential development.

The Massachusetts Department of Transportation said its 1.67-acre site at 300 Mystic Ave. currently used as a MassDOT sign shop will be sold to Combined Properties, which submitted the winning bid of $6 million. The bid proposal includes converting the area - along with adjacent land - into a development that will house 500 residential units and 53,000 square feet of retail and restaurant space.

Plans include the creation of 1,650 construction jobs, MassDOT said. The development would bring in about $6.8 million in annual income and sales taxes during the construction period. It is expected to create about 150 permanent jobs. Once it's done, the project will bring in more than $1.6 million in annual income and sales taxes and generate more than $1.3 million in annual taxes and fees for the City of Medford. Subscribe to Medford Patch for more local news and alerts!

Patch reached out to Combined Properties for more details on the development but could not get in touch with the appropriate office.

"We are proud to announce the winning bidder in the sale of this prime piece of real estate within the City of Medford and to continue leveraging our existing state assets to support local economic growth and development," said Governor Charlie Baker in a release. "Through the sale and transformation of underutilized pieces of state property such as the Mystic Avenue parcel, we can encourage job creation, empower local residents, and help build strong, vibrant cities and towns throughout the Commonwealth."

The sale is part of the Baker-Polito Administration’s “Open for Business” initiative launched in 2015. Twenty-four state-owned assets have been sold or leased, and they are expected to bring in $428 million in revenue when fully developed.

Google Maps screenshot of 300 Mystic Ave.