WAKEFIELD – Cabot, Cabot & Forbes, Massachusetts-based real estate development firm, and its partner on the project, Equity Residential, has officially broken ground on its newest project, The Basin, located at 200 Quannapowitt Parkway in Wakefield.
Residents will be able to begin moving into The Basin in 2025.
Located on Wakefield’s beautiful Lake Quannapowitt, The Basin will consist of 440 multifamily residential units, including 79 privately subsidized affordable units, and consists of a lakeside walking path, multiple roof decks, over 20,000 square feet of amenity space and an expansive landscape program. Residents will benefit from easy access to I-95/Route 128, as well as a complimentary shuttle service to Downtown Wakefield and the nearby MBTA Commuter Rail. The project also features a 3,600-square-foot waterfront restaurant space with an associated 2,000-square-foot outdoor patio.
The project is being constructed with sustainable design principles in mind; this includes targeting LEED Gold Certification, 100% electric units, ample electric vehicle and bicycle parking, and native landscape requiring minimal irrigation.
TOWN OFFICIALS joined with Cabot, Cabot & Forbes representatives and others during a recent groundbreaking ceremony on Quannapowitt Parkway. (Photo courtesy of JC Marketing)
“From the inception of our development concept at 200 Quannapowitt, our goal has been to deliver a best-in-class residential property that celebrates Lake Quannapowitt and the Town of Wakefield” said Matt D’Amico, director of development at Cabot, Cabot & Forbes.
A major priority for Cabot, Cabot & Forbes with The Basin is the public benefit that it will create for the town of Wakefield and its residents. As part of this project, Cabot, Cabot & Forbes and Equity Residential are contributing $2.3 million towards the construction of a new roadway and for roadway improvements in the area, $1.3 million to help improve the water quality of Lake Quannapowitt, and will also construct a public safety substation on the property for access by the Wakefield Police Department. In addition, more than 12 acres of land surrounding the property will be permanently protected from future development.
“This project is a celebration of the extraordinary collaboration between Cabot, Cabot & Forbes and the Town of Wakefield,” said Jay Doherty, CEO of Cabot, Cabot & Forbes.
