New news during troubled times: Banker and Tradesman just reported that new investors have stepped in to help the struggling North Point development in East Cambridge. The interested parties are HYM Investment Group, straight out of LA, Atlas Capital Group and Canyon-Johnson Urban Funds, a joint venture between Canyon Capital Realty Advisors and Magic Johnson Enterprises.
North Point is the future site of the new North Point MBTA station, which will replace the decrepit Lechmere Station as part of the master plan of the Green Line extension into Union Square and other parts of the surrounding Somerville area and Medford. The North Point site currently is composed of two modernist, condominium buildings, Northpoint Residential, and the monstrosity that is Archstone North Point, an apartment complex with its beacon visible for miles. The land around these three buildings form an empty, desolate moat, sprinkled occasionally by newly planted landscaping. Hopefully, both the MBTA project and the North Point development can sweeten the deal for an improved East Cambridge and the Green Line.
| Source: Banker and Tradesman |
This Green Line extension project has been on the boards for years. Follow Somerville's perspective here.
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