MALDEN, MA– Quaker Lane Capital, a real estate development, investment, and advisory services company and certified minority business enterprise, along with Turnbridge Equities, a vertically integrated real estate investment firm, announced that they have received Special Permit approval from Malden’s City Council for their newest project, 11 Dartmouth Street.
In 2019, Quaker Lane and Turnbridge Equities acquired both the 11 Dartmouth Street property and parcel along with 21 Pleasant Street, also known as the Granada Building, in the City of Malden—a designated Massachusetts Gateway City.
Located in an Opportunity Zone, the partnership envisions the 11 Dartmouth Street property as an ideal location for a Class A, mixed-use property with potential for life sciences in the core of the city’s central business district, just steps to a multi-modal subway, commuter rail, and bus hub within minutes to downtown Boston and Cambridge.
Quaker Lane enlisted Gensler as the architect to provide the concept design for the nine-story project which is slated to be Malden Center’s first LEED-certified office building targeted at innovation-driven tenants, including public and private sector organizations as well as entrepreneurial and research and development focused firms. Quaker Lane held more than 50 meetings throughout the last 15 months with the Malden community to discuss the project and its design. Influenced by community feedback, Quaker Lane decreased the building 25 percent from its original proposed height, while also increasing parking significantly for a total of 145 spaces.
“When we enter local communities, we recognize the responsibility we have as developers to advance economic progress and social equity, and community feedback is of the utmost importance to Quaker Lane,” said Carlos Febres-Mazzei, Founder and Managing Principal at Quaker Lane. “The community’s input directly contributed to changes in the project’s design, while Gensler’s world-class work allows us to maximize the full potential of the project located within both an Opportunity Zone and a Gateway City. 11 Dartmouth Street will provide the City of Malden with new retail options, job creation, entrepreneurship, innovation, and substantial growth in tax revenue that directly benefits its citizens.”
The estimated completion date for 11 Dartmouth Street is as early as 2023, and 21 Pleasant Street—The Granada—has creative office space currently available for lease.
Quaker Lane Capital is a certified Minority Business Enterprise (“MBE”) in Massachusetts and Philadelphia, and its services affiliate is an SBA 8(a) certified company practicing real estate development, investment, and advisory services. Quaker Lane is focused on adaptive re-use of existing assets and creating new vibrant mixed-use projects in emerging urban locations. Its thesis is predicated on a substantial increase in demand for investments that create companies and jobs, foster social equity, and offer measurable impact on community and economic development.
Turnbridge Equities, founded in 2015 by Andrew Joblon, is a privately held, vertically integrated real estate investment and development firm with offices in New York, Los Angeles, Washington, D.C., Miami, and Austin. Turnbridge is an SEC registered investment advisor, Turnbridge RE Fund Management Company I LLC, with assets under management in excess of $1.7 billion. Turnbridge’s full-service platform and extensive relationships enable the company to acquire, develop, reposition, and operate real estate and generate value for its investors and partners. Turnbridge and its principals seek to bring high levels of creativity and thought leadership to drive the results of each of its investments. With a track record of implementing successful investment strategies, Turnbridge has capitalized on emerging trends and monetized value in advance of market shifts.