Developer Taurus Investment Holdings and investor L&G broke ground Sept. 24 on Novo Riverside Commons, a two-building, 201-apartment development at 292-294 Baker Ave. in Concord, Massachusetts. The ceremony marked the start of site work. Construction is expected to begin in 2026, L&G said in its announcement, with the first building targeted for completion by the end of 2028 and the second in 2029.
The project will have 150 market-rate apartments and 51 permanently affordable ones, Steve Callahan, a vice president of general contractor Callahan Construction Managers, said in the announcement. That is the 25% share designated affordable under Massachusetts' Chapter 40B guidelines.
Taurus, which is based in Boston, originated the project and will oversee it through construction and delivery, according to the announcement. L&G is investing on behalf of its Institutional Retirement business and said the project is that business's first funding of a new U.S. development. L&G has a minority stake in Taurus, the announcement says.
Concord's comprehensive permit decision for the project was filed with the Town Clerk on April 16, 2024, according to the town's project page, which also posts a notice of minor modifications dated March 25, 2026.
According to the announcement, the design calls for all-electric buildings that target Phius CORE 2024 standards, with geothermal heating and cooling and about 111 kilowatts of on-site solar capacity.
"This project has been several years in the making, shaped through extensive planning and collaboration with the Town of Concord and many dedicated project partners," Taurus Chief Executive Officer Peter A. Merrigan said in the announcement.
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