Shovels In on L&G/Taurus’ 201‑Unit Concord Multifamily; Callahan Leads Construction

CONCORD — L&G’s U.S. Asset Management business and Taurus Investment Holdings have broken ground on a 201‑unit, two‑building multifamily community at 292–294 Baker Avenue, kicking off L&G’s first U.S. ground‑up development and bringing a mix of market‑rate and 25% affordable housing to one of Greater Boston’s tighter suburban markets.

The project is backed by long‑term capital from L&G’s Institutional Retirement platform, which has been expanding into U.S. housing through recent multifamily investments in Denver and Chicago. For L&G, Concord represents the first time that capital is funding a new development from the ground up.

At the event, Alexia Gottschalch, Head of U.S. Real Estate Equity at L&G, framed the groundbreaking as a signal of where the firm is heading:

“Today’s groundbreaking is an important milestone for our US real estate platform and for our continued investment in high-quality housing. This project brings together long-term retirement capital, meaningful affordability and ambitious sustainability features in a Greater Boston market where demand for rental housing remains strong.”

Taurus originated the development and will lead execution with Callahan Construction Managers and energy affiliate EcoSmart Solution. CEO Peter Merrigan said the milestone reflects years of planning with Concord officials and a shared focus on pairing affordability with high‑performance design:

“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. Reaching groundbreaking is a meaningful milestone for everyone involved… This project demonstrates how new housing, meaningful affordability, and high-performance design can be brought together thoughtfully within a high-demand market.”

The development is targeting Phius CORE 2024 standards and will rely on a fully electric, high‑performance design. Plans call for geothermal heating and cooling and onsite solar, with roughly 111 kW of PV expected to generate 134,000 kWh annually — all part of the project’s push to cut energy use and operational carbon.

Callahan VP Steve Callahan said the design sets a new bar for sustainable multifamily construction in the region:

“Creating much-needed housing is just one objective the Concord development project will address, as it is also a model for sustainability and energy efficiency, designed with geothermal mechanical systems, all-electric, and to Passive House standards.”

Construction is expected to begin later this year, with the first building delivering in late 2028 and the second in 2029.

Steve Callahan

Peter Merrigan

Alexia Gottschalch