What has for generations been the junkyard on the way to Somerville now has grand plans to become a large, 29-story, high-rise living community just on the edge of Charlestown – with developer Scott Brown of Fulcrum Global Investors filing plans with the City this week to build-out the property.
According to a Letter of Intent (LOI) filed Tuesday from the developer’s attorney, the Dain Torpy firm, the project will be subject to the Article 80 review process and be within the framework of the PLAN Charlestown ongoing effort. The plan calls for a “landmark” high rise building of about 334 feet that would contain 695 rental units and a ground-level Paseo – defined as a European-style market hall for retail and dining. There would be about 240 parking spaces associated with the development, and it will feature a robust array of amenities and unique, never-seen views of the City and surrounding areas – while also being only a short walk across the street to Sullivan Station’s buses and subway options. It is also abutting the growing Assembly Row retail, residential and office park in Somerville.
In the letter, the developer defined it as a unique urban gateway situated far enough from residential areas in Charlestown and Somerville to have minimal impacts.
“No site offers more regional visibility to a high-rise tower,” read the letter. “The striking, elegant project building will mark the point of entry into Boston from the north. Viewed at the neighborhood scale, the property is an ideal setting for enhanced density: nowhere in Charlestown is located farther from the Bunker Hill Monument, and this parcel is separated from the nearest residential area by massive infrastructure ‘moats’ of both the elevated highway and the adjacent rail corridor. The site therefore combines an unrivaled visual prominence with minimal negative development impacts.”
Brown and his firm assembled the property in transactions last summer that were reported in the Patriot Bridge. The firm assembled a little over 44,000 sq. ft. in the purchase of multiple parcels for around $13.2 million. The new address, and the name of the project, will be One Mystic.
Further details on the project will be revealed when a full submission is filed with the Boston Planning and Development Agency (BPDA) in early 2021.
State Rep. Dan Ryan said the project is very interesting, but it is big and he’d like to know how the immediate neighbors feel.
“This is an intriguing project,” he said. “It’s big. It is in a part of Town that is being re-imagined. So, I am interested to see how it fits in with a new Sullivan Square/Rutherford Avenue and to hear feedback from the community as a whole, and Precinct 7 in particular.”
BPDA Director Brian Golden told the newspaper that the proposal will be reviewed within the existing planning process, PLAN Charlestown, that kicked off in January 2020.
“The Letter of Intent kicks-off what will be a robust and comprehensive review of this proposal within the context of the ongoing PLAN:Charlestown study,” he confirmed.
City Councilor Lydia Edwards did not immediately comment on the filing.
Brown, long-time real estate developer, investor, and current CEO of Fulcrum Global Investors, said he is excited to bring this revitalization to an area of the Town that needed an update.
He also indicated the project would have a focus on providing housing for young Charlestown residents – who grew up in the Town – but might find themselves priced out of the neighborhood.
“I grew up in the area, participated in community-based youth programs like the YMCA, and competed in swim meets at the Charlestown Boys and Girls Club,” he said. “I could not be more excited to transform a dilapidated area to badly needed housing – plus a place where Charlestown residents will be able to enjoy a beautiful new food market and retail hall with opportunities for local businesses. And the project’s new, high-quality, market rate and affordable rental residences will provide young Charlestown residents a viable option to stay and live in the community they are strongly connected to and invested in.”
Brown said he is confident the location is a good one, and they leaned heavily on the City’s planning documents for development and transportation.
“This is the right location for our project,” he said. “The One Mystic proposal was created relying heavily on the Sullivan Square Disposition Study and Imagine Boston 2030 planning documents. The site sits on the Somerville border, well removed from Charlestown’s historic core. Because of its location, a two-minute walk to Sullivan Square Station, there will be very minimal impact on traffic. The One Mystic team looks forward to engaging with the community on a project that will reclaim this long forgotten and neglected piece of Charlestown.”