1 Forbes St Chelsea, MA 02150

This exceptional 17.86-acre parcel in Chelsea, MA, presents a rare development opportunity. Located on Chelsea Creek, this property boasts previously approved plans for a substantial mixed-use project encompassing 590 residential units and 20,000 square feet of retail space, along with 963 parking spots. The site is strategically positioned on Route 1A, across from Suffolk Downs and less than 10 minutes from Logan International Airport. While the property includes four existing structures (described as "Mill Type" buildings in various states of disrepair and deemed unsafe), the focus is on the significant development potential. Three adjacent parcels on Crescent Avenue are also included in this offering. The asking price is $29,999,900 "as is," with the seller open to structuring options to facilitate a successful transaction. Note that buyer approval of new plans is required. Alternative pricing structures are available for phased development, with a potential asking price of $43 million contingent upon buyer approvals and subsequent closing. A copy of the previous approval is available upon request. This is a truly unique chance to create a landmark development in a prime Boston-area location.