Earvin â€œMagicâ€ Johnson, a seemingly wealthy former basketball star, has the same thoughts right now as many individuals and corporations. Their money is sitting in a bank account or some cash related investment(s) making close to zero in interest.
Mr. Johnson and the joint-venture company that he co-manages, Canyon-Johnson Urban Funds, will partner with two other firms (HYM Investment Group, LLC, ofÂ BostonÂ and Atlas Capital Group in New York) to move the NorthPoint development in East Cambridge, MA, forward .. and put their money to work.
This is great and welcome news for Cambridge and surrounding cities such as Somerville. The Northpoint development is comprised of 44 acres of an old, unused rail yard at the edge of Cambridge in East Cambridge. NorthPoint is a large development, containing commercial, retail and residential development, and will include a relocated and new Lechmere Green Line transit station.Â (seeÂ MassDOT Approves New Lechmere Station)
The NorthPoint development will bring jobs, commerce, and revitalization to this part of Cambridge and Somerville and it also complements other infrastructure/transportation developments in the area. TheÂ Green Line ExtensionÂ (GLX) project is one such transportation project that comes to mind. The GLX proposes to relocate and reconstruct the Lechmere Green Line Station within the confines of NorthPoint, and then the Green Line will be extended to Union Square in Somerville, then another line to Brickbottom (Somerville), Gliman Square (Somerville),Â Lowell Street Bridge (Somerville),Â Ball Square (Somerville), and College Station (Tufts/Medford).
Phase 1 of theÂ NorthPoint developmentÂ is complete, with two NorthPoint buildings:Â Tango and Sierra.Â Phase 2 is said toÂ begin in 2012, andÂ will include additional new streets being constructed.Â The final phase(s) of NorthPoint willÂ include commercial, residential and combined buildings and almost 20 acres of greenspace between the structures. The Lechmere Transit station located across the way will eventually break ground and be relocated closer to NorthPoint. If you have seen or used the current Lechmere station, it will be a huge relief and upgrade.
TangoÂ building, according toÂ NorthPoint, Â is comprised of flats and duplexes:
Sierra, according toÂ NorthPoint, is comprised of lofts:
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