**Marcus & Millichap Facilitates $4.6M Sale of Transit-Oriented Development Site in Canton, MA**
Marcus & Millichap has announced the successful sale of a 2.21-acre transit-oriented development site in Canton, Massachusetts for $4.6 million. The property, comprising three contiguous parcels located at 399 and 403 Neponset Street and 0 Jackson Street, is slated for redevelopment into 49 condominium residences.
“This was the perfect example of why the zoning overlay was put in place, as the underutilized commercial property will be razed to make way for 49 condominium residences in a town that needs new housing inventory,” said Tony Pepdjonovic, Senior Managing Director at Marcus & Millichap.
Evan Griffith, also a Senior Managing Director with the firm, added, “The process was very efficient, as it took less than 11 months from the offer acceptance to full town approvals from the Canton Zoning Board.” Griffith and Pepdjonovic represented the seller and secured the buyer for the transaction.
The site features 21,147 square feet of commercial space and 225 feet of frontage along Neponset Street. Situated within the Canton Junction Overlay District and the 3A MBTA zoning overlay, the property allows multifamily redevelopment of up to four stories by right under current zoning regulations.
The development is expected to address a growing demand for housing inventory in the area, leveraging its prime location and transit accessibility.
