Real Estate

Plans Call For 270 Residential Units At Stoneham Site

A property adjacent to I-93 was recently sold to a national apartment developer.

STONEHAM, MA — A Stoneham 5.6-acre site has been sold and plans call for a multi-family development with 270 units, according to a statement from Calare Properties. The site currently includes a 23,000-square-foot warehouse/office building, a 2,280-square-foot garage, and 428 parking spaces.

The site adjacent to I-93 was sold to a national apartment developer for an undisclosed amount.

Calare purchased 95 Maple in May 2020 fully leased to Beth Israel Lahey Health, which was using the site to support its storage and overflow parking needs at the nearby Winchester Hospital.

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Proposed development plans for the site were approved by Stoneham’s Zoning Board of Appeals. The site currently allows for a mix of apartments, including 15 studios, 141 one-bedrooms, 89 two-bedroom units, and 25 three-bedroom apartments.

“When Calare purchased 95 Maple three years ago, we recognized the incredible opportunity available at this site, which offers a highly desirable location for a range of users and optionality for future development,” Tim Collis, VP of Acquisitions at Calare, said in a statement. “Through our re-permitting efforts at the property and subsequent sale, we’re pleased to see our vision for 95 Maple come to fruition, creating an opportunity to support this dynamic community and its housing needs for years to come."

Find out what's happening in Stonehamfor free with the latest updates from Patch.

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