As a third generation Bostonian, I like to think I know this area well, and I have long looked at Malden as full of potential. The city’s easy accessibility to Boston, unique urban center, and relatively low overhead costs, made it an ideal place for Metropolitan Properties of America to invest. A little more than six years ago we purchased one of Malden’s largest residential communities, Granada Highlands, because of the upside we saw here. Since then it seems many have come to share our positive view of Malden’s future as more than $300 million of investment have poured into downtown, a testament to the city’s potential and its leadership’s pro-growth strategy.
When we purchased Granada Highlands we saw it in much the same way we saw the city itself: ripe with potential but in need of investment. The firm that sold us the property was not from this area, and prioritized occupancy rates at the expense of quality construction and responding to shifts in the rental apartment market. That strategy had significant negative effects on the property’s facilities and the city of Malden as a whole. Since that time we have committed more than $20 million to refurbish all 919 apartments, and construct a new amenity center, complete with a fitness center, saunas, a business center and Wi-Fi room, billiards and game room, community space, and a luxury media and theater room.
Last week, we welcomed Mayor Christensen and others from our community to say thank you for sharing our vision for what Granada Highlands and Malden should be. The improvements we made are allowing us to raise the bar in our community, and begin to position Malden as an affordable alternative to living in Boston with comparable amenities. We are not alone in this effort, and I want to thank the other property owners, small businesses, and municipal leadership that are stepping up for the city. Thanks to a team effort Malden’s best days are ahead, and I am proud of the role Granada Highlands and MPA will play in the long term.
Jeffrey Cohen is CEO of Metropolitan Properties of America, Inc.