L&G and Taurus Break Ground on 201-Unit Multifamily Community in Concord, Massachusetts

Chicago, IL (September 24, 2026) – L&G’s Asset Management business in the US (“L&G”) and Taurus Investment Holdings, LLC (“Taurus”) today marked the groundbreaking of a new two-building, 201-unit multifamily community at 292–294 Baker Avenue in Concord, Massachusetts. The ceremony brought together local officials, community representatives and project partners to celebrate the start of site work on the development.

The investment and property development is being made on behalf of L&G’s Institutional Retirement business, which is deploying long-term retirement capital to support new housing supply. The project represents the first funding of a new development in the US for L&G’s Institutional Retirement business and builds on its recent multifamily investments, including The Alder in the Denver metro area and Arkadia West Loop in downtown Chicago.

Located in a structurally undersupplied Greater Boston submarket, the community will include 25% affordable housing under Massachusetts Chapter 40B guidelines. Construction is expected to begin in 2026, with the first building targeted for completion by the end of 2028 and the second expected to follow in 2029.

The groundbreaking served as a milestone for the project team’s engagement with Concord and the surrounding community, with brief remarks, a ceremonial shovel moment and media opportunities highlighting the development’s expected contribution to housing supply, affordability and sustainability in the local market.

L&G is partnering with Taurus as the developer for the project, with Callahan serving as the general contractor.¹ Taurus originated the development opportunity and will oversee execution through construction and delivery, working closely with Callahan on site planning and construction delivery and alongside its strategic energy affiliate, EcoSmart Solution, to support implementation of the project’s approach to a high standard of sustainability.

The community is designed to target Phius CORE 2024 standards. Beyond the project’s high-performance building design, planned geothermal heating and cooling and onsite solar generation are intended to further enhance overall building performance. The fully electric design will incorporate no onsite fossil-fuel combustion and is planned to include approximately 111 kW of onsite solar PV capacity, expected to generate approximately 134,000 kWh of electricity annually, supporting the project’s objective of reducing energy use and operational carbon emissions.

Alexia Gottschalch, Head of US Real Estate Equity, L&G – Asset Management – America:

“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. We are grateful to the Concord community, local officials, Taurus, EcoSmart and Callahan for their partnership as we move this development forward.”

Peter A. Merrigan, CEO, Taurus Investment Holdings, LLC:

“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, and we are grateful for the engagement and support that helped bring the project to this point. This project demonstrates how new housing, meaningful affordability and high-performance design can be brought together in a thoughtful way within a high-demand market.”

Steve Callahan, VP, Callahan Construction Managers:

"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," said Steve. "We are excited for the opportunity to partner with the team of Taurus Investment Holdings, L&G, and CUBE3, along the town of Concord, to bring these 201 units of (150) market-rate and (51 permanently) affordable housing units to the region."

Further information

Media contact:

Carolyn Gasbarra
Edelman Smithfield
Carolyn.Gasbarra@edelmansmithfield.com
O: 630.220.0017

Notes to editors

1 L&G has a minority stake in Taurus Investment Holdings, LLC.

 

L&G's Asset Management business is a major global investor across public and private markets, with $1.617 trillion in AUM.* Our clients worldwide include individual savers, pension plans and institutions, with the firm having a presence globally from Tokyo, Hong Kong and Singapore to major European financial hubs to Chicago.  

We offer a range of investment solutions, from index-tracking and active funds to liquidity and liability-based risk management strategies.  

Our investment philosophy and processes are focused on creating value over the long term, reflecting L&G’s purpose: “Investing for the long term. Our futures depend on it.” 

*Source: Global AUM as of June 30, 2026. Assets tallied biannually. “Global AUM” aggregates the assets managed by Legal & General Investment Management Ltd. ("LGIM"), Legal & General Investment Management America, Inc. ("LGIMA"), Legal & General Investment Management Asia Limited (“LGIM Asia”) and LGIM Singapore Pte. Ltd. (“LGIM Singapore”). The AUM includes the value of securities and derivatives positions. AUM figures converted using the spot rate at the relevant date.

About Taurus Investment Holdings, LLC

Established in 1997, Taurus Investment Holdings, LLC is a global real estate investment and development firm headquartered in Boston, MA. The firm focuses on strategic investments into value-add, core-plus, opportunistic and development opportunities.  

Throughout North America and Europe, Taurus has built a longstanding track record as an owner-operator of both directly managed and joint venture commercial real estate. To date, Taurus’ fully integrated real estate operating platform has acquired or developed more than 76 million square feet of commercial space across industrial, multifamily, office, mixed-use and renewable energy sectors totaling approximately $12.3 billion in value. 

Disclosures

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