Site work under way for MarketStreet Lynnfield

LYNNFIELD – Preliminary site work is under way at the upcoming MarketStreet Lynnfield, what will be the largest development in town history with more than 400,000 square feet of restaurants, shopping, and residential and office space.The development, which has a tentative fall 2013 open date, is on the land that was formerly the Colonial Golf Course along Walnut Street by the I-95 and Route 128 junctions. Chestnut Hill-based WS Development and Newton-based National Development jointly own MarketStreet.National Development Managing Partner Ted Tye said the current site work, which began on May 1 by project general contractor Cranshaw Construction, includes a lot of grading that will flatten the ground to allow for MarketStreet?s buildings, roadways and utilities. Foundation work is planned to start in September, he said.There will be 395,000 square feet dedicated to retail and restaurants, and the tenants that have been announced so far, Tye said, are Whole Foods Market, Legal C Bar, Kings, Davio?s Northern Italian Steakhouse and Yard House.?There will be a little something for everyone, and we work carefully to get the right mix so shoppers can find it all there,” he said.In addition, MarketStreet will have 80,000 square feet of office space and Arborpoint at MarketStreet, a luxury, three-building apartment complex with 180 units and a clubhouse, Tye said.Arborpoint will have some affordable units, Tye said, which means they will be available for less than market value for those who qualify.There will be additional housing for senior citizens at MarketStreet in Colonial Village, a six-building site planned by Lynnfield Initiatives for Elders, Inc., which is scheduled to open in 2014 or later.MarketStreet will be comparable to mixed-use developments Derby Street Shoppes in Hingham and Legacy Place in Dedham, Tye said, but the Lynnfield project will have residential offerings, a main street, a village green and an outdoor dining area.?We have a little bit more land to work with, and we can create something really special,” he said.Tye said he did not think MarketStreet would change Lynnfield?s small-town feel, while noting town residents voted “overwhelmingly” to approve the project.?I think (the development is) pretty much self-contained and I don?t think it will affect residential life in Lynnfield,” he said. “In fact, the kind of design that we are using within the development is meant, in many ways, to convey a small-town feel.”In addition, Tye said MarketStreet will benefit the town financially.?Part of what we?ll be doing is generating a large annual tax payment for town of Lynnfield, and I think that will assist the town in maintaining its quality of life,” he said.Even though the project was originally stalled because of the recent economic downturn, Tye said it is great to see MarketStreet taking shape.?It?s obviously a very exciting project, and, after five years, we?re thrilled to be under construction and moving ahead,” he said.For more information on MarketStreet, including updates and advisories, visit marketstreetconstruction.com.