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Urban Renewal board to negotiate with Stewardship Development on senior housing option
Summary
MURA directed staff to enter negotiation with Stewardship Development on a development agreement and option for a proposed 100‑unit senior housing project, after reviewing an updated appraisal and learning the developer would underwrite nearly $8.9 million in predevelopment costs to reach shovel‑ready status for OHCS funding.
The Medford Urban Renewal Agency instructed staff to open negotiations with Stewardship Development over a proposed senior housing project on the Central Avenue assemblage, based on an updated market appraisal and Stewardship’s expression of interest.
Staff told the board the assemblage’s current market appraisal values…
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