112 Rantoul Street - Beverly, MABeverly, MA Barnat Development has been designated by the Massachusetts Bay Transit Authority (MBTA) as the successful bidder for 112 Rantoul St., a parcel of land located adjacent to the Beverly Depot Garage. Barnat Development is planning a mixed-use, transit-oriented rental project with 70 units and 3,000 s/f of retail space. The project will utilize the existing parking in the MBTA garage to serve the new residences and retail.
Sarah Barnat, Barnat Development“The MBTA has long planned for the Beverly Street Depot Garage site to be a model Transit-Oriented Development project,” said Mark Boyle, assistant general manager of real estate and asset development, “With the designation of Barnat Development, we can now move to the final stage of creating great housing and retail opportunities.”
The development will be a luxury residential building with new ground floor retail to further activate the renovated Rantoul St. corridor. It is anticipated that 12% of the units will be designated as workforce housing with capped rental prices for middle-income households. Although the retail tenant is not yet identified, the space will be designed to accommodate a café or gourmet food store to serve the needs of neighbors and commuters that utilize the Beverly Depot.
“Beverly is a wonderful city with a first-class walkable downtown and convenient access to job centers,” said Sarah Barnat, principal of Barnat Development, “I look forward to working with neighbors and city officials to develop a high-quality mixed-use project that adds to the vitality of this great community.”
The project’s total capital investment is $20 million and permitting of the project is expected to occur this fall.
112 Rantoul Street - Beverly, MABarnat founded Barnat Development LLC with the express intention of working closely with cities and public agencies to create new, high-quality transit-oriented residential developments. Ms. Barnat has successfully developed eleven high-profile, transformative projects totaling over a billion dollars in development as Vice President of Development for National Development and Senior Project Manager for Trinity Financial, Inc. Since 2002, Ms. Barnat has overseen the development of over 2,000 units of housing and 150,000 sf of retail space. She is the former Executive Director of the Urban Land Institute, Boston/New England.
The Barnat Development team is a group of dedicated, qualified professionals who have worked together to complete a variety of multi-family developments as well as projects involving MassDOT/MBTA. The team is well represented with Women-Owned Businesses including Barnat Development, ICON architecture and McDermott Ventures. The Development team also includes McPhail Engineering, Meridian Associates, Terrence McDermott, Esq., and NEI Construction.