Cambridge mayor Henrietta Davis joined city officials, Glenn Davis, vice president of commercial lending of Belmont Savings Bank, representatives from Cottage Park Realty Trust and senior executives of Coldwell Banker Residential Brokerage in New England for the launch of The Emerson Lofts at Cottage Park, a 16-unit development involving the adaptive reuse of a brick factory building in North Cambridge.
Located at 22 Cottage Park Ave. near Somerville's bustling Davis Sq. and the Alewife MBTA station, this $9.5 million project will transform a vacant commercial site into eco-friendly lofts with high-end contemporary finishes.
Once complete, The Emerson Lofts will offer a mix of 16 two and three-bedroom units ranging in size from 1,038 to 2,191 s/f of living space. Developed by Cottage Park Realty Trust, The Emerson Lofts project is being marketed and sold exclusively by Lisa Drapkin and Nancy Dixon, two award-winning real estate professionals in the Coldwell Banker Residential Brokerage office on Massachusetts Ave.
"The Emerson Lofts represent comfortable urban living at its best. Buyers will certainly appreciate the impeccable design and superior craftsmanship of The Emerson Lofts, as well as its proximity to the Linear Park Bike Path, the 55-acre Danehy Park and nearby Davis Sq.," said Drapkin. "The redevelopment of 22 Cottage Park Ave. into lofts will help to preserve and enhance the residential feel of the surrounding neighborhood."
The Emerson Lofts are designed by O'Sullivan Architects of Reading, which is led by David O'Sullivan, who has 28 years of experience working with a broad range of projects from individual home additions to complex LEED-certified commercial buildings. The Emerson Lofts at Cottage Park are being built with an eye toward sustainable living. Drought-tolerant plantings and landscaping will surround the property.
A new storm water retention system, installed beneath the adjacent parking lot, along with roof drains on the building, will minimize surface runoff into city storm drains. Nearly all of the existing building's brick and timber structure is being restored and reused during construction. Low-VOC paints and sealants are being utilized. Other green features include energy-efficient windows and lighting.
The project is being built by Integrated Builders, a general contracting firm based in Rockland. "Integrated Builders was selected for this project because the company is committed to the health of clients, buildings, occupants, and the planet-at-large. Green, sustainable design is not just a trend for them, but also a pledge they make that their buildings will meet the highest quality environmental standards," said Dixon.
The tasteful interiors, designed by Linda Herman of Festoons Home & Garden Design and Maureen Sullivan of Land Space Design, will offer bamboo flooring, deluxe kitchens with custom cabinetry, high-end stainless steel appliances and granite counters. The bathrooms feature spacious custom-tiled walk-in showers. The lofts will include a parking space for one car, and additional parking can be purchased.
Prices for the 14 market-rate units will range from $475,000 to $750,000. Two lofts have been set aside as affordable units and are expected to be priced in the $220,000 to $250,000 range.
Construction lending is being provided by Belmont Savings Bank. Construction of the lofts, which began in September, is expected to be complete by March 2013.
Built in 1909 by the Climax Paper Box Company, the three-story brick factory building at 22 Cottage Park Ave. previously housed the J.H. Emerson Co., a hospital equipment manufacturing company which operated there until 2007.
Coldwell Banker Residential Brokerage is the largest residential real estate brokerage company in New England. With more than 4,000 sales associates and staff in approximately 90 office locations, the organization serves consumers in Massachusetts, Rhode Island, New Hampshire and Maine. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation's largest residential real estate brokerage company. For more information please visit www.NewEnglandMoves.com.
Brad Spencer has more than 25 years of experience in commercial real estate sales and leasing, residential development and sales. During his extensive career, Spencer has been directly responsible for the sale, lease and build-to-suit of over 15 million square feet of industrial/R&D/office space. He is a multi-year recipient of the Grubb & Ellis prestigious Circle of Excellence Award which recognizes the company's top producers and in 2011 was recognized by the Commercial Brokers Association for the Suburban Office Transaction of the Year.
Marc Resnick specializes in residential renovation, rentals, and condominium conversions in the Cambridge, Boston, Somerville and Brookline markets. He attended Boston University, graduating in 1984 with a degree in Business Administration with concentrations in both marketing and finance. He started in the construction industry in 1986. With more 25 years of experience, Resnick has an unprecedented ability to find creative solutions and get the job done.