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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 the combined property at roughly $2.15 million and noted the agency’s acquisition basis of about $1.825 million. Stewardship’s LOI proposes 100 units of senior housing financed with state OHCS resources and 4% low‑income housing tax credits; the developer said it would fund approximately $8.9 million in predevelopment costs to make the project shovel‑ready and would pursue a donation of the front parcel as part of its financing package.
Board members discussed site suitability, previous project history and the risk that statewide funding may be limited; supporters argued the leverage was strong (a relatively modest land match could unlock $20M+ in development). By motion, the board directed staff to negotiate an option/DDA that would come back to the board for final approval; the motion passed with an 8‑yes, 1‑no vote.
Staff will draft an option agreement and return proposed terms to the board, with the goal of bringing a recommended DDA back for review in November.
