When it comes to buying a home, for many people, it's all about location, location, location. And pairing homes with popular retail spots like Whole Foods, Pinkberry and Lululemon makes for great location, indeed. Take Lynnfield, a once quiet North Shore outpost less than half an hour’s drive north of Back Bay on I93 and around 15 minutes inland from Peabody. The new MarketStreet shopping center and office development’s neighbor is the three-building Arborpoint apartments. Coincidence?
“They were conceived together,” says Ted Tye, managing partner of National Development, which is behind the Arborpoint brand and also has developments in Burlington, Medford and Newton. “The biggest trend is mixed use development that combines retail, residential and business space. The North Shore is very underserved from a retail perspective. We built on a former golf course, right off Route 128, and partnered with WS Developments for the retail side, which is an important extension of modern lifestyles. Plus, the demographics of the North Shore were terrific,” Tye adds.
Businesses clearly agree. Back Bay staple restaurant Davios has spread its wings to MarketStreet along with Kings bowling alley/bar/restaurant, which started in the Back Bay 10 years ago and is opening in Lynnfield this month.
“The MarketStreet project is bringing the types of restaurants and retail that will thrive in this area of the Greater Boston market,” says Kings COO, Frank Stryjewski. “We saw a similar trend in our location in Dedham at Legacy Place and we are looking forward to similar success in our new home in Lynnfield.”
Arborpoint's attractions aren’t all commercial though — it sits adjacent to a 100-acre conservation area.
“Part of the arrangement with the town of Lynnfield was a conservation easement,” says Tye, “and the good thing is that it is preserved forever.”
Arborpoint at MarketStreet includes 180 apartments in three buildings. The first opened in September, the second opens this weekend and the third will open in December. All three are currently leasing one and two-bedroom apartments, starting at $1940 and $2390 a month, respectively. A community clubhouse includes a lounge, demonstration kitchen, conference room and fitness center. There's also a business center with computers and Internet access. A pool is due to open next summer. There are walking trails on the premises and Arborpoint is pet-friendly with some restrictions. Learn more at arborpoint.com.