Mill Creek Residential has broken ground on Modera Mystic, a mixed-use project that will bring 350 units and 2,000 square feet of retail space to the Boston-area city of Medford, Mass. The project is slated to open in 2027.
The podium-style community will comprise two buildings offering studio, one-, two- and three-bedroom layouts, with certain units including private patios or balconies.
Mill Creek obtained $98 million in financing for the project in September and paid $21 million to purchase the site of the development, according to the Boston Business Journal. 88 of the community’s units will be affordable, Yardi Matrix shows.
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Units will include stainless steel appliances, quartz countertops, tile backsplashes, movable kitchen islands and in-unit laundry. The building will also incorporate smart thermostats, leak detection software, bulk Wi-Fi and keyless entry, and Mill Creek is pursuing Passive House Institute Low Energy Building standards for the project.
Community amenities will include a rooftop deck, pool, grilling area, clubhouse, conference room, game room, pet spa and fitness center.
Modera Mystic will be located at 4000 Mystic Valley Parkway, within walking distance of the MBTA Orange Line, which connects the metro to Downtown Boston. Interstate 93 and Massachusetts Route 28 are also within a few miles of the property.
Slowing development in Boston
New construction in Boston slowed to a crawl through April of this year, according to a report from Yardi Matrix, with developers breaking ground on just 189 units across two properties at the time. The figure is much lower than what was recorded in the same interval in 2024, when 2,027 units across 12 properties had broken ground.
1,480 units were delivered through April, representing 0.5 percent of Boston’s existing stock and trailing the 0.8 percent national figure. In the same period, the construction pipeline had 15,290 units under development, with an additional 88,000 units in the planning and permitting stages.
One upcoming development in the metro is A.W. Perry’s 400,000-square-foot mixed-use project in Everett, Mass., which is set to break ground next year. At full build out, the property will include 273 units, 5 percent of which are expected to be reserved renters earning 80 percent of the Area Median Income.
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