<%@ Page Language="VB" ContentType="text/html" ResponseEncoding="utf-8" %> Charter Realty and Development Corp.- Twin City Plaza

Twin City Plaza - Somerville, MA

Charter's involvement with Twin City Plaza began in 2001 by first controlling a master lease before ultimately acquiring property.  This project was a redevelopment of an older shopping center in an urban setting just outside of Boston, Massachusetts.  The project involved a 300,000 square foot center, located in both the Cities of Cambridge and Somerville.  The parking layout of Twin City Plaza was poorly configured and at the time of acquisition, the center suffered from a high vacancy rate.  Additional land was acquired and a reconfigured and upgraded parking layout included 100 new parking spaces.  This allowed for an old Shaw's Supermarket to be expanded to a new prototypical supermarket and additional retail space added in order to accommodate Marshall's to the Plaza.  The entitlement process for this project involved a legislative approval allowing for a land swap with the Metropolitan District Commission (MDC), traffic permits from the MDC, Massachusetts Environmental Policy Act (MEPA) approval, and permits from both Cambridge and Somerville.  The property was stabilized and sold to a REIT in 2006.