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*This is a concept plan only and has not yet received site plan review approval from the CPDC.
Press Release November 24, 2008
Atlantic Food Store has Agreement with Housing and Retail Developer
The retiring owner of the Atlantic Food Store, Arnold Rubin, has entered into an agreement forthe sale of his market to Oaktree Development, a Cambridge-based development company. Mr Rubin has announced that he will be closing his store within days. Oaktree intends to acquire the property soon after its proposed plans have zoning approval by the Town of Reading.
Conceptual plans are being previewed by the Reading Planning office, and more developed plans will be going through a thorough community process in early 2009.
Oaktree is known for its 'green' multifamily developments, and many of its urban center projects also include retail uses on the ground floor. Oaktree and its predecessor, Unihab, have built dozens of small and larger-scale condominium and rental communities in metropolitan Boston for more than 35 years.
A current example of Oaktree's work, Lexington Place, will be completed in late spring 2009. It is a mixed-use development in the heart of Lexington Center and is comprised of 30 high-end condominiums with street level shops. Oaktree and Lexington's many town representatives have had a very positive development dialog, starting from Lexington Place's design conception and continuing through its construction process.
Oaktree CEO, Arthur Klipfel says: "We feel particularly fortunate that the pre-sale marketing process is going well for both retail spaces and the condominiums at Lexington Place - despite nation-wide economic instability. We believe that by the time we've completed permitting, construction documents, and built in Reading there will be a returning market for the well- located, well-designed, healthy, energy efficient homes that Oaktree builds."
Oaktree has come to Reading partly because its principals see some similarities between Lexington and what seems possible in Reading. Oaktree partner and project manager, Gwendolen Noyes, says "We like to build in community centers, near public transit, and where well-designed housing with attractive street level retail can thrive. We believe this is the situation for the Atlantic Market site and will further advance because Reading is working with progressive, 'smart growth' zoning. And perhaps most importantly, Reading has a citizenry- including likely future residents - who appreciate downtown amenities, the benefits of condominium living and the short walk to the train station."
Oaktree is aware of how valued, almost historic, Reading's Atlantic Food Store has been for many years, and that it will be missed. Asked about the possibility of replacing the store, Noyes said: "We're going to do our best to attract a compact but full-service food store, as well as a couple of other neigborhood-compatible shops, like a bookstore, wine shop or fine restaurant. Even though there's mall competition nearby, we believe there's still a market in the town center and beside the station for such shops. "
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Contacts:
- Gwendolen Noyes: Oaktree Development, 129 Mt Auburn St., Cambridge,
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