58 Pearl Street, a largely commercial property has sold, the closing on 2/1/2023 for over a million dollars. The property is in a run down area on the south side, surrounded by the railroad tracks, tow yards, and little else. The land this property is on currently listed or assessed as “construction equipment”, and the zoning is considered “central business” or CB. The CB zone allows for massive apartment buildings up to six stories to be built. The property covers nearly a third of an acre, and using CB zoning, and just a couple blocks away from this site is for example the new VTT Union/Proctor consisting of over 100 apartments over 6 floors. The VTT site is shown below, and fits on .39 acres.
Following the zoning rules that VTT was allowed, the CB zone, by right allows large multiuse apartment buildings. We can only imagine that 58 Pearl Street LLC, has a similar plan in mind with their purchase. Three properties to the south of 58 Pearl Street, at the Daniel’s Table property, we recently reported on how Charlie Zammuto, a Newton developer, has plans to redevelop that .76 acre lot into another mega apartment building – emails obtained show.
Who is 58 Pearl St LLC? Records from the state show that the LLC was formed in mid-December 2022, and the LLC plans to engage in purchasing, developing, and leasing the property.
The LLC was formed by Jose Natal Goncalves, a real estate broker an owner of Mega Realty, with offices at 16 Union Ave.
What happens next? We will watch, but expect, based on history and on emails obtianed by the city, the mayor and his director of economic development plans thousands of apartments for DTF.
Check out the mayors recent plan which does not include the recent proposals, this and a few others… thousands of apartments.