Construction starts on next phase of Market and Main in Bedford
Jul. 24—Six years after first being proposed, construction crews have started work on the second phase of Market and Main Development in Bedford, which will bring more shops and restaurants along Route 3.
Right now, Market and Main is home to Trader Joe's, Friendly Toast and a Carrabba's Italian Grill that pre-dates the development, which was a former Macy's.
Mike Nelson, president of commercial for developer Encore Enterprises of Plano, Texas, said the company has permits for two of the three mixed-use buildings off South River Road. An office building and hotel are part of future plans.
The construction on this phase is expected to last a little less than a year, he said. Sullivan Construction of Bedford is the contractor.
The project stalled for more than a year after a $120 million plan to include up to 200 apartments was rejected by town planners in September 2020.
"It has been a difficult process, especially for us to figure out how to get the right tenants and then make enough money with it as it fits," Nelson said. "We had to minimize it quite a bit. It's not going to be as dense as we had hoped."
Encore never wanted to abandon the project.
"It was just a matter of restructuring and making sure all the tenants were lined up," Nelson said. "Some of these tenants have waited with us for several years."
Some tenants with the project like Boston Interiors and Pressed Cafe found other locations because the project didn't meet their timelines. Encore let them exit their leases without penalty.
REI Co-op, an outdoor equipment store, is expected to take up about 22,000 square feet of one of the buildings. The company based in Kent, Wash., declined comment on the real estate. Town Manager Rick Sawyer mentioned REI in his July 14 report.
The anchor tenant hopes to open by April 2023. Other tenants will be announced individually as leases are finalized.
"We have a very good mix," Nelson said.
The plans no longer include a 1,200-seat Regal Cinema or a five-story parking garage. Some other previously listed tenants for the project, such as Surf restaurant, never signed leases.
Andy Levy, a retail leasing broker at Verani Commercial, said he is working with a fitness studio on a lease to open at Market and Main.
"I think it is long overdue. It is going to be tremendously successful," he said. "They are going to have an elite group of smaller, higher-end, boutique tenants."
He said the demographic of Bedford and the traffic counts are what make the property so attractive. He said the Whole Foods and other commercial development nearby is also a draw.
"It is about as attractive as we are going to get in Southern New Hampshire outside of Tuscan Village in Salem," Levy said.
He expects multiple new concepts to the region to open in the development.
A barn-like structure will be constructed near Interstate 293 and will double a marquee sign for the development. Events, such as live music, can be hosted in the outdoor space with a firepit.
Another public gathering spot is near the Friendly Toast, which has green space and benches.
Delivery services such as Amazon have changed the way people shop, prompting brick-and-mortar shopping centers to improve in-person visits.
"When people do go out they do want to have an experience and do want something nice," Nelson said. "So the restaurants we do have coming — we have two or three more — they are very much a place where people can socialize and hang out at. We've made this very walkable. We've made it so you can hang out outdoors or inside."
Nelson said the plans for the office and hotel are still in the works and will depend on the market.
"It could be other uses," Nelson said. "This could be almost all retail. We'll see what the market says is best and what financially works out for us."
