With hundreds of new apartments already built and hundreds more in the pipeline, the area around the Malden Center T station and the city's square is a transit-oriented hub that's attracting a lot of younger renters.
Boston's Corcoran Jennison has just opened the 80-unit Residences @ Malden Station, with 22 already rented even as construction finishes up on the five-story project on Florence Street diagonally across from the T.
"The pipeline of prospects has been huge," says property manager Luke Rumsey. "We have a lot of grad students and young professionals coming from Boston, Cambridge and Somerville, and a good number are relocating here from out of state."
Studios start at $1,795 a month, one-bedroom units start at $2,085 and two-bedrooms at $2,575, and rents include heat and hot water. Parking costs $50 a month outside and $80 for covered spaces.
The units have computer nooks for the tech savvy, washers and dryers, and good-size walk-in closets. The kitchens feature cherrywood cabinets with wine racks, granite counters and Whirlpool stainless-steel appliances.
The complex has a just-completed fitness center, and a Wi-Fi clubroom with flat-screen TVs, a kitchen with a floating table and a faux fireplace will be ready by December. There are two common roof decks, one of which will be landscaped, and the second one affords views of the Boston skyline.
Corcoran also has purchased the nearby Romanesque-style Masonic building on Pleasant Street, with plans to add apartments above the commercial space.
The '70s-era City Hall and police station complex, which has long blocked off lower Pleasant Street from Malden Square's offerings, has been sold to Newton-based Jefferson Apartment Group. Jefferson will raze the buildings, and has proposed a two-building complex that includes 245 apartments on both sides of the reopened street.
Kevin Duffy, the city's strategy and business development officer, says there are hundreds more new apartments in the pipeline, including about 200 units slated for 100 and 150 Exchange St. and 195 rentals at the Residences @ Malden Square on Main and Dartmouth streets.
"Malden Square's big draw is lower rents, its established city feel, the T and the area's thriving restaurant scene," said Duffy. "Many millennials don't have cars and they don't cook."
Duffy says that eateries such as All Seasons Table, Oppa's Kitchen & Bar, the Exchange Street Bistro, FuLoon and others that offer cuisine from Cuban to Indian to Ethiopian have put the square on the map as a dining destination.
"All the new apartments will bring more density and even more restaurants," said Duffy. "Malden is becoming the new Somerville."
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