McLean Hospital Completes Sale of Land for First Phase of Development Plan
FOR IMMEDIATE RELEASE:
March 10, 2005
Belmont, MA - McLean Hospital this week finalized the $14.7 million sale of 26.2 acres of property to Northland Residential Corporation of Burlington, MA, for the construction of a clustered residential housing development.
The event marks the implementation of the first phase of the McLean Land Development Plan. The Plan, negotiated collaboratively between McLean and the Town of Belmont, calls for the sale of 51 of the hospital's 238 acres to three developers. The sale will leave the core campus of the historic McLean Hospital intact and fully operational to continue to pursue the hospital's clinical care, research and teaching mission.
In addition to the clustered residential townhouses, the McLean Land Development Plan also calls for the construction of a 486-unit senior community by American Retirement Corporation of Brentwood, TN, and a 150,000-square-foot research and development building by Belmont ValueRealty of Cambridge, MA. Approximately 63 acres of McLean land will serve as the core of hospital operations. More than 100 acres of land will be permanently preserved as open space. The townhouses will be constructed by Northland in two phases on three parcels, totaling 26.2 acres.
The closing of the sale between McLean and Northland comes nine years after McLean and the Town of Belmont began working together to design a Land Plan that would enable the hospital to redevelop portions of its property, while at the same time, offering a number of benefits to the town. These benefits include land for the construction of a new town cemetery, land for public open space, increased tax revenues, traffic mitigation funds, additional affordable housing within the senior community and a separate parcel of 1.34 acres of land given to the town for affordable housing.
Transfers of land by McLean to the Town of Belmont as part of a Memorandum of Agreement (MOA), signed by both parties in 1999, have begun. A 2,500-square-foot parcel of land was transferred to the town in 2004 for the construction of a new telecommunications tower.
"This an enormous milestone for McLean, for the Town of Belmont and for Northland. All parties have worked together to accomplish this major event," said McLean Executive Vice President and Chief Operating Officer Michele Gougeon, who has played a central role in directing the land development activities from the very beginning of the process.
"This progress is testimony to what great things can happen when people work collaboratively to achieve a common goal," said McLean President and Psychiatrist in Chief Bruce Cohen, MD, PhD. "The proceeds from these land sales will help us to continue our mission of providing excellent clinical care, conducting novel basic and clinical research and training the best qualified mental health professionals."
U.S. News & World Report consistently ranks McLean Hospital the nation's top psychiatric hospital. The largest research program of any private, U.S. psychiatric hospital, McLean is an affiliate of Harvard Medical School and Massachusetts General Hospital, and a member of Partners HealthCare.