ACTON, MASSACHUSETTS, August 15, 2024 — The Dolben Company, Inc. is pleased to announce the initiation of its latest project, The Apartments at Powder Mill (working name), a 230-unit luxury residential apartment community situated on a 10.5-acre site along the picturesque Assabet River in South Acton, adjacent to Concord and Maynard. Construction commenced in July 2024 and is expected to span 24 months. The first units are anticipated to be available by Q4 2025, with project stabilization projected for Q3 2026.
Drew Dolben, Chairman of The Dolben Company, notes, “We are extremely proud to bring this team together and to work collaboratively with the Town of Acton to bring the project to life. The conditions for creating new multifamily housing have been challenging and we are glad to get this project off the ground.”
The team assembled to bring this development to life includes The Dolben Company as the sponsor / developer, Plumb House as the general contractor, Gate 17 Architecture as the architect, Bohler as the civil engineer, and Miller Engineering & Testing as the geotechnical engineer. Financing provided by Camden Trust.
The approved development plans include two residential buildings, each designed as five-story slab-on-grade structures. Complementing these residential buildings will be a standalone six-story precast concrete parking garage. The buildings will collectively encompass approximately 315,110 gross square feet, featuring a diverse array of spacious floorplans, including studio, one-, two-, and three-bedroom apartments. The apartments will be equipped with electronic unit entries, vinyl plank flooring, brushed nickel fixtures, LED lighting, stainless steel appliances, full-sized washers/dryers, walk-in closets, quartz countertops, and custom cabinetry. Community amenities will include a fitness center, swimming pool, BBQ grilling areas, roof deck, resident lounge, dog park and spa, package acceptance, bike storage, controlled access parking, EV charging stations, and a kayak/canoe launch.
Strategically located, Acton offers residents an ideal commuter base along Route 2, with close proximity to I-95 and I-495. The development is within a 15-mile radius of over 575,000 suburban jobs, including major employment hubs in Burlington, Framingham, Lexington, Marlborough, Waltham, and Westford. Additionally, the South Acton and West Concord MBTA Commuter Rail stations, both located 2.5 miles from the site, provide direct access to Porter Square (Red Line connection) in 35 minutes and Boston’s North Station in 45 minutes. Development agreements with the Town of Acton include an on-site stop along the CrossTown Connect shuttle, ensuring convenient transportation throughout the area and to the MBTA South Acton Commuter Rail Station.
Adhering to a Local Initiative Program (LIP) Comprehensive Permit, this development ensures that 58 of the 230 apartments (25%) are designated as affordable in perpetuity. Eligible residents for these units must have incomes at or below 80% of the Area Median Income (AMI). Maximum rents are based on 80% of AMI, adjusted for household size and resident-paid utilities, within the Boston-Cambridge-Quincy MA-NH HMFA.
About The Dolben Company
With offices in Massachusetts and Maryland and more than 16,000 residential units throughout the New England, Mid-Atlantic, and Southwest Florida regions, The Dolben Company, Inc. is built on a deep heritage of performance and stewardship. Since 1929, five generations of the Dolben family have upheld a proud tradition of unparalleled success and profitability, fulfilling the property and investment needs for a wide array of businesses, financial institutions, organizations, and private investors. For more information on The Dolben Company, visit www.dolben.com.