The 600 residential mixed-use project on the top of the Broadway hill has received financing and closed on the property late last week, according to owners of the development company.
John Tocco said he and his business partner, Rich Volnay, now own the property at 600 Broadway, and have also officially launched a new development company called V10 Development.
“We now own the property and we expect to have a groundbreaking ceremony tentatively scheduled for the end of January pending the COVID-19 situation,” said Tocco. “We’re ready to go. We’re ready to rock and roll.”
The project sits on a section of Broadway near McKinnon’s and DiBlasio’s that hasn’t seen new investment in decades – aside from the 600 and a similar residential project across the street form Greg Antonelli. The 600 is an 85-unit new construction building, with 37 parking spaces, on two lots that are now a doctor’s house office and a one-story professional building. The project would also include a new restaurant/café on the ground floor that will be operated by Chris Moreira of the Square Deli in Everett Square.
It was approved by the Zoning Board back in February, and got approval from the City Council for the mixed-use last summer.
“It wasn’t easy to bring all this together in a the middle of a global pandemic,” he said. “A lot of developers aren’t getting financed and that speaks to the project we have put forward.”
Tocco said they are happy to bring the project to the next milestone, and they are in line with Mayor Carlo DeMaria’s vision for the area.
“We’re really excited to carry Mayor DeMaria’s vision for this area of Broadway forward,” he said. “We’re excited for Chris at Square Deli to get a new restaurant and we’re excited for our neighbors in the neighborhood. We’d also like to thank all our supporters who backed us along the way.”