L&G’s Asset Management and Taurus Investment Holdings, LLC break ground on 201-unit multifamily community
Concord, MA L&G’s Asset Management business in the US (L&G) and Taurus Investment Holdings, LLC (Taurus) marked the groundbreaking of a new two-building, 201-unit multifamily community at 292–294 Baker Ave. The ceremony brought together local officials, community representatives and project partners to celebrate the start of site work on the development.
The investment and property development is being made on behalf of L&G’s Institutional Retirement business, which is deploying long-term retirement capital to support new housing supply. The project represents the first funding of a new development in the US for L&G’s Institutional Retirement business and builds on its recent multifamily investments, including The Alder in the Denver metro area and Arkadia West Loop in downtown Chicago.
Located in a structurally undersupplied Greater Boston submarket, the community will include 25% affordable housing under Massachusetts Chapter 40B guidelines. Construction is expected to begin in 2026, with the first building targeted for completion by the end of 2028 and the second expected to follow in 2029.
The groundbreaking served as a milestone for the project team’s engagement with the town and the surrounding community, with brief remarks, a ceremonial shovel moment and media opportunities highlighting the development’s expected contribution to housing supply, affordability and sustainability in the local market.
L&G is partnering with Taurus as the developer for the project, with Callahan serving as the general contractor. Taurus originated the development opportunity and will oversee execution through construction and delivery, working closely with Callahan on site planning and construction delivery and alongside its strategic energy affiliate, EcoSmart Solution, to support implementation of the project’s approach to a high standard of sustainability.
The community is designed to target Phius CORE 2024 standards. Beyond the project’s high-performance building design, planned geothermal heating and cooling and onsite solar generation are intended to further enhance overall building performance. The fully-electric design will incorporate no onsite fossil-fuel combustion and is planned to include approximately 111 kW of onsite solar PV capacity, expected to generate approximately 134,000 kWh of electricity annually, supporting the project’s objective of reducing energy use and operational carbon emissions.
Alexia Gottschalch, Head of US Real Estate Equity, L&G – Asset Management – America:
“Today’s groundbreaking is an important milestone for our US real estate platform and for our continued investment in high-quality housing. This project brings together long-term retirement capital, meaningful affordability and ambitious sustainability features in a Greater Boston market where demand for rental housing remains strong. We are grateful to the Concord community, local officials, Taurus, EcoSmart and Callahan for their partnership as we move this development forward.”
Peter A. Merrigan, CEO, Taurus Investment Holdings, LLC:
“This project has been several years in the making, shaped through extensive planning and collaboration with the Town of Concord and many dedicated project partners. Reaching groundbreaking is a meaningful milestone for everyone involved, and we are grateful for the engagement and support that helped bring the project to this point. This project demonstrates how new housing, meaningful affordability and high-performance design can be brought together in a thoughtful way within a high-demand market.”
Steve Callahan, VP, Callahan Construction Managers:
“Creating much-needed housing is just one objective the Concord development project will address, as it is also a model for sustainability and energy efficiency, designed with geothermal mechanical systems, all-electric, and to Passive House standards,” said Steve. “We are excited for the opportunity to partner with the team of Taurus Investment Holdings, L&G, and CUBE3, along the town of Concord, to bring these 201 units of (150) market-rate and (51 permanently) affordable housing units to the region.”