Sitting in on today's East Cambridge Business Association meeting, we heard from John Twohig of New England Development and Rich McKinnon of the McKinnon Co. regarding the latest news on the proposed zoning for the CambridgeSide Galleria. Plans to convert the third floor retail into approx. 140,000 SF of office space. There are of course, other plans within this scope of work to redevelop other parts of the site and existing buildings to diversify the space and attract more tenants, consumers, tourists, and the general public. Of this, some 100-120 residential units are also being proposed as well as a significant overhaul on First Street to better integrate the shopping center with more street level access.
Based on today's retail trends and the sharp decline of brick and mortar storefronts, we believe this is a step in the right direction and a great way to revive space on the third floor of the Galleria. Whether it be large private companies occupying the majority or even a mix of small to mid-sized tech companies co-working, the conversion to office space seems justifiable given the demand and the location of the Galleria as well as the other proposed amenities. We look forward to seeing more on the plans and plan to continue to support the development.
Illustrations from New England Development