Market and Main is transforming a defunct Macy’s department store with a 1,000-space parking lot, originally built in 1966 into a mixed-use development, offering family-friendly shopping, dining and entertainment, luxury accommodations, and community experience in the heart of Bedford.
Since we first introduced the project, retailer conditions have changed, which required our concept to be re-envisioned. We have reduced our retail and restaurant space and number of hotel rooms, while introducing luxury mixed-use residences.
We have also added additional green space, a walking trail, dog park, access to public transportation, and enhanced architectural treatments to be more in keeping with the aesthetic value of Bedford.
Phase I, which has been completed, includes the popular Trader Joe’s grocery store and Friendly Toast restaurant, along with an existing Carrabba’s Italian Grill.
Phase II includes an additional 40,500+ square feet of retail shopping, 20,000+ square feet of dining/restaurant space, an 11-screen cinema, 90-room luxury hotel, and 200 luxury mixed-use residences.
Market and Main is transforming an outdated single-use shopping mall with a mixed-use walkable concept, enabling visitors and residents to live, shop, and enjoy recreation in a more traditional New England setting.
The project will create a number of benefits, including:
- 1,682 full-time jobs
- 741 direct jobs related to the construction and operations phases
- 941 indirect & induced jobs created as a result of the project
- Produce $476,000 – $740,000 in positive new annual tax revenue
- Deliver a nearly $700,000 one-time impact payment to the town
- Contribute $1,000,000 in new road improvements to Meetinghouse Road and South River Road and off-site infrastructure improvements
- Commit $120 million in new investment in Bedford through the Market & Main property
Market and Main’s luxury studio, one-bedroom, and two-bedroom residences will be stylishly appointed with private patios, covered parking, and the latest in energy efficiency and home technology.
Residents can enjoy the beauty of Bedford paired with the walkability to exciting entertainment, shopping, dining, and community experience offered only at Market and Main.
In total, 200 units will be introduced – 25 studio units, 95 one-bedroom, and 80 two-bedrooms.
The mixed-use residences will be marketed to young professionals and retirees with unit rental prices between $1,775 – $2,450 per month.
Project impacts will be completely offset by Market and Main’s anticipated annual tax revenues and the one-time impact fee.
- Estimated 355 new police calls will be made per year (this is a reduction of 142 calls from the previously approved plan).
- Estimated 66 Fire/EMS calls will be made per year (initial approval had an estimated 74 calls per year).
- Estimated 37 new students (K-12) residing in the Market & Main luxury mixed-use residences.
- We believe that due to the site location in a mixed-use development near the highway that the actual numbers will be closer to 24 students.
A number of factors determine how many children are likely to reside in a community, and luxury mixed-use developments are known to be less desirable for families.
Market and Main has considerably less two-bedroom units than other Bedford residential options. Only 40% of our units are two-bedroom, compared to 72% – 90% in nearby apartment complexes.
Also, three-bedroom units – which typically attract families – will NOT be offered at Market and Main.
Both the town and state have ratios to approximate the number of children that would reside in new housing.
The average number of children projected for Market and Main is 37 across all grades – 15 in the elementary grade level, 13 in middle school, and 9 in high school.
Because of our configuration, we firmly believe the number of children will be far less – in the range of 24 children – and well below other proposed residential projects.
Because of the change of a portion of the retail area to residential use, the site now contains a greater variety and more balanced collection of uses, encouraging more multi-purpose internal trips. These volumes are substantially lower than the previously approved site-generated volumes.
Market and Main has invested $1,000,000 in infrastructure improvements to the area. Most notably, we are nearing completion building a right turn traffic lane along the southbound side of South River Road onto Meetinghouse Road.
The capacity of the existing South River Road corridor is being substantially improved by a combination of new turn lanes, median island construction, and signal coordination improvements. These improvements were designed to accommodate higher levels of traffic than will be generated by the new development proposal.
Additionally, Market and Main has funded the construction of sidewalks on South River Road and Meetinghouse Road to promote pedestrian accessibility.