MEDFORD — A former state-owned sign shop building on Mystic Avenue in Medford will be sold to a Malden-based real estate development firm for transformation to a mixed-used residential and retail complex.
The 1.67 acre property and building at 300 Mystic Avenue in Medford was formerly used as a sign shop for the Mass. Department of Transportation (MassDOT) and, according to state officials, the lot is being sold for $6 million to Combined Properties, Inc., of Malden.
Combined Properties intends to convert the land into 500 residential units as well as 53,000 square feet of residential and retail space, MassDOT officials said in a statement.
“This parcel represents a significant opportunity to transform an existing MassDOT property in a way which will contribute to continued economic growth and development throughout this community,” said Transportation Secretary and CEO Stephanie Pollack in a statement.
The sale of the site is part of the state’s “Open for Business” initiative launched in 2015. The initiative seeks to develop state-owned vacant or underused assets so they may have more productive uses to benefit the local economy, including office space, retail and housing.
According to MassDOT, plans include the creation of 1,650 construction jobs, and 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.
