Camp Thoreau redevelopment secures financing for 237-unit Concord complex
Built World Boston, MA localSantander lends $60.7 million to build apartments under Massachusetts' Chapter 40B affordable housing law
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Overview
Updated 42 minutes agoA 237-unit apartment complex is set to break ground in Concord, the wealthy Boston suburb that has kept its zoning almost entirely single-family. Santander Bank issued a $60.7 million construction loan this month for the project at the Thoreau Club property, clearing the final financing hurdle after four years of approvals.
The project exists only because of Chapter 40B, the state's affordable housing law, which lets developers sidestep local zoning in towns where less than 10% of housing is affordable. Concord is under that threshold, so its Zoning Board of Appeal approved the plan despite the town's long resistance to multifamily buildings. This is the second 40B project in Concord to secure construction financing this summer — together they add more than 400 apartments the town spent decades refusing.
Why it matters
A 1969 state law is forcing affluent Massachusetts suburbs to accept apartments they long resisted. Concord's 237-unit complex is the latest proof.
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Organizations Involved
Boston-based developer that owns and is redeveloping the Thoreau Club property.
U.S. arm of Spain's Banco Santander, headquartered in Boston.
The town body that granted 40B approval in April 2025.
Boston-area firm that designed the two residential buildings.
Massachusetts' affordable housing finance agency.
British pension fund's American arm; acquired the former Welch's headquarters.
Timeline
January 1969 September 2026
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Santander issues $60.7 million construction loan
Latest FinancingLoan clears the way for groundbreaking on the 237-unit Camp Thoreau complex.
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L&G acquires Welch's HQ for second complex
AcquisitionBritish pension fund arms buys site approved for a 201-unit apartment complex.
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Concord zoning board approves project
ApprovalZoning Board of Appeal clears the 237-unit plan on a wooded 13.9-acre parcel.
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Pinebrook files Chapter 40B proposal
ApplicationDeveloper submits plan for 237 units, with project cost near $103 million.
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Pinebrook acquires Thoreau Club property
AcquisitionBoston-based developer buys the 33-acre athletic club site in Concord.
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Massachusetts enacts Chapter 40B
LegislationLaw allows developers to bypass local zoning where towns fall below 10% affordable housing.
Historical Context
3 moments from history that rhyme with this story — and how they unfolded.
Mount Laurel Doctrines (1975, 1983)
New Jersey's Supreme Court struck down a town's exclusionary zoning, ruling municipalities must provide their 'fair share' of regional affordable housing. The 1983 ruling, Mount Laurel II, gave builders a strong tool to sue towns that resisted.
Dozens of New Jersey towns faced court-ordered affordable housing quotas.
The doctrine remains a landmark precedent for state courts overriding local zoning to address housing shortages.
Like New Jersey's courts, Massachusetts' Chapter 40B uses state power to override local zoning in towns that exclude affordable housing.
Massachusetts MBTA Communities Act (2021)
Massachusetts lawmakers required 177 cities and towns near transit to zone for multifamily housing by right, stripping local boards of discretion over density in designated districts.
Suburbs scrambled to rewrite zoning codes under threat of losing state funding.
It became the state's most aggressive anti-exclusionary zoning measure, though Boston is exempt from it.
The Camp Thoreau project relies on the older 40B override, but both laws reflect the same state-versus-local fight over who decides what gets built.
Early Chapter 40B legal battles (1970s-1980s)
Wealthy Massachusetts towns fought 40B projects in court and at the ballot, arguing local control. The state Housing Appeals Committee repeatedly upheld the law's power to override local denials.
Developers won the right to build in towns that refused affordable housing.
A half-century of precedent made 40B the primary crack in suburban exclusionary zoning.
Concord's approval of the Camp Thoreau project follows this established path: a developer uses 40B, wins a comprehensive permit, and funds construction.
