What Mark Development does

Mark Development, LLC is a privately held real estate development firm founded in 1990 by Robert Korff and headquartered in Westwood, Massachusetts (Boston area), with a regional office in New York City. The company operates across eight Northeast U.S. states (Massachusetts, New Jersey, Rhode Island, New Hampshire, Connecticut, New York, Vermont, and Maine) and runs two principal lines of business: (1) preferred-developer build-to-suit retail development for national chains, most notably a 20+ year relationship with Walgreens that has produced close to 200 drug store locations, and (2) ground-up mixed-use, multifamily, life science, and senior housing developments in supply-constrained Greater Boston submarkets such as Newton, Somerville, and Westwood.

The active mixed-use and multifamily pipeline exceeds 1,000 residential units and includes Riverside Station (Newton, ~1 million sq ft master plan with 550 apartments and 400,000 sq ft of life science space in partnership with Alexandria Real Estate), TRIO Newtonville, Dunstan East, 299 Broadway Somerville, Crafts Street Senior Housing (185 units with SRG Senior Living), 1314 Washington Street, and One Kenmore. The firm is LEED-accredited (Scott Lombardi, VP of Development, is a LEED Accredited Professional with USGBC-certified projects), and in January 2024 launched a Smart Sustainable Living Pilot with NTT DATA to integrate smart-building technology into its residential portfolio. The firm partners with institutional capital providers including Safehold (ground lease, December 2025), Beacon Communities, Alexandria Real Estate, Samuels & Associates, and Rise Together on equity and structured capital stacks.

Mark Development's business model combines development fees on build-to-suit retail assignments (predominantly NNN lease structures with credit national tenants) with mixed-use and residential development for its own account alongside equity partners, retaining select assets for long-term ownership or selling completed developments to institutional buyers. The firm is entirely founder-owned and controlled by Robert Korff (Founding Principal and CEO), with co-founder Marc Steinberg leading the New York metro office since 1997, and no disclosed external institutional equity backing. Go-to-market is relationship-driven: deal sourcing leverages two-and-a-half decades of tenant, lender, and municipal relationships, allowing the firm to act quickly on time-sensitive acquisitions and entitlements in competitive Northeastern markets.

Name

Mark Development

Legal name

Mark Development, LLC

Website

https://markdevelopmentllc.com

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

1–10 employees

Short description

Mark Development is a privately held Northeast U.S. real estate developer founded in 1990 that builds mixed-use, multifamily, life science, and senior housing projects for national retail tenants (Walgreens, CVS), institutional capital partners (Alexandria, Safehold, Beacon), and its own portfolio across eight states.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

Commercial and Institutional Building Construction (236220), Land Subdivision (23721)

SIC

Land Subdividers & Developers (No Cemeteries) (6552), Real Estate Dealers (For Their Own Account) (6532), General Bldg Contractors - Nonresidential Bldgs (1540)

akta.pro primary industry

Retail & Mixed-Use Commercial Construction (IMAFACAB)

akta.pro secondary industries

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL), New Construction & Builder Sales (BPAJAAAB)

Keywords

• Real estate development
• Mixed-use development
• Retail build-to-suit
• Multifamily housing
• Commercial real estate

Headquarters

HQ city

Newton

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Development Fees and Property Sales: Mark Development generates revenue through development fees earned on projects it develops for itself and for national retail clients (Walgreens, CVS, etc.), as well as through the sale of completed developments to investors or end-users.
2. Mixed-Use and Residential Development: The company develops mixed-use and residential properties for long-term ownership or disposition, earning development spreads and potentially ongoing rental income from its owned portfolio.
3. Retail Development for National Tenants: As a preferred developer for national retailers (Walgreens, CVS, Chase Bank, etc.), MD earns development and construction fees for delivering build-to-suit retail locations, predominantly on NNN lease structures.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Mark Development is a real estate development firm that acquires, entitles, develops, and either holds or sells mixed-use, multifamily, retail, and senior housing properties across the Northeast U.S. As a preferred developer for national retailers such as Walgreens, CVS, Chase Bank, and Whole Foods, it delivers build-to-suit retail locations on NNN lease structures, while its larger pipeline includes transit-oriented mixed-use communities and 400,000 square feet of life science space.

Product overview

Mark Development is a real estate development company focused on creating dynamic communities through mixed-use developments, senior housing, and retail properties. The company operates across Massachusetts, New Jersey, Rhode Island, New Hampshire, Connecticut, New York, Vermont, and Maine. Its portfolio consists of two main categories: Mixed-Use Developments (TRIO, Dunstan East, Riverside Station, One Kenmore, The Landing at Hudson Mills, 299 Broadway, Crafts Street Senior Housing, and 1314 Washington Street) and Retail Properties (Citizens Bank & CVS, CVS Pharmacy, Chase Bank & CVS, Whole Foods Market, Walgreens, and CVS Mixed-Use Properties). The company specializes in transit-oriented developments that combine housing, retail, office, and community uses to create sense of place.

Differentiator

Problem solved

Functional benefit

Products and services

• TRIO Newton Mixed-use development in Newtonville, MA delivering 140 luxury apartment units alongside 40,000 square feet of ground-level retail. Targeted at market-rate renters and national/regional retail tenants.
• Dunstan East West Newton, MA mixed-use development of 292 residential units and approximately 8,000 square feet of ground floor retail, organized as three buildings along Washington Street with public green spaces and a boardwalk. For residents and ground-floor retailers.
• Riverside Station Transit-oriented Newton, MA mixed-use development approved for approximately one million square feet, comprising 550 apartments, 400,000 square feet of life science space (co-developed with Alexandria Real Estate), and 22,000 square feet of ground floor retail. Serves multifamily residents, life science tenants, and retail tenants.
• One Kenmore Proposed hotel development at 560 Commonwealth Avenue in Kenmore Square, Boston, MA, paired with a $15 million public realm investment creating a public plaza and enhanced pedestrian and bicycle experience. Intended for hotel operators, visitors, and the broader neighborhood.
• The Landing at Hudson Mills Historic building restoration in Hudson, MA delivering 200,000 square feet of sub-dividable brick-and-beam office space, community-focused retail, and riverfront access along the Assabet River and Rail Trail bike path. For office tenants seeking creative workspace and community-oriented retailers.
• 299 Broadway Somerville Transit-oriented, mixed-income, mixed-use development in Somerville, MA comprising approximately 160 market-rate units, 130 affordable units, 14,000 SF of retail, 3,000 SF of public community space, and 1,100 SF of Arts & Creative Enterprise space, approved under Chapter 40B. For residents across income tiers, retailers, and community organizations.
• Crafts Street Senior Housing Newton, MA senior housing development featuring 185 units including 105 Independent Living, 52 Assisted Living, and 28 Memory Care units in a 5-6 story structure with central courtyard, on-site parking, and shuttle service. Co-developed with senior housing operator SRG Senior Living.
• 1314 Washington Street West Newton Square five-story mixed-use project delivering 50 residential units (including 9 inclusionary affordable units) and approximately 4,100 square feet of ground floor retail space. Approved by Newton zoning board in 2020.
• Citizens Bank & CVS Pharmacy Hyannis Retail Build-to-Suit Hyannis, MA Gateway district retail development delivering a 13,000 SF CVS Pharmacy paired with 6,000 SF Citizens Bank office and retail space. Built as a preferred developer for the two national tenants.
• CVS Pharmacy East Cambridge East Cambridge, MA CVS Pharmacy location adjacent to the Lechmere T-Stop, serving as the front door to the neighborhood. Built for CVS as a build-to-suit retail pad.
• Chase Bank & CVS Pharmacy Middletown Retail Build-to-Suit Middletown, NJ pad-site retail development with two national retailers totaling approximately 17,000 SF on separate pads at the intersection of State Route 35 and New Monmouth Road. Built for Chase Bank and CVS Pharmacy under MD's preferred-developer model.
• Whole Foods Market Turnpike Plaza Grocery anchor addition to Turnpike Plaza, a 140,000 SF value-add shopping center in Nashua, NH at the intersection of Everett Turnpike and Amherst St., complementing Staples, Bob's Stores, and AC Moore as co-tenants. Delivered for Whole Foods Market.
• Walgreens East Coast Preferred Developer Program Preferred-developer program with Walgreens delivering close to 200 standalone drug store locations across eight Northeastern U.S. states over 20+ years on NNN build-to-suit structures.
• 585 Boylston Street CVS Mixed-Use Four-story mixed-use project in Boston's Copley Square area featuring a two-story CVS ground-floor pharmacy integrated with office space above. Delivered for CVS Pharmacy as part of a mixed-use build-to-suit.

Quantifiable outcome

• Developed close to 200 drug store locations for Walgreens across 8 states over 20+ years
• +2 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered innovation and core.

• NTT DATAinnovationStrategic or Co-development Partner · 1 January 2024NTT DATA launched a Smart Sustainable Living Pilot with Mark Development in January 2024. The initiative focuses on incorporating smart building and sustainable living technologies into MD's residential developments, likely involving IoT, automation, or data-driven building management systems.
• Alexandria Real EstatecoreStrategic or Co-development PartnerAlexandria Real Estate joined Mark Development to build a large Newton lab campus. This partnership is associated with the Riverside Station project, where Alexandria brings life science development expertise and equity to complement MD's land acquisition and permitting capabilities for the 400,000 sq ft life science component.
• Beacon CommunitiescoreStrategic or Co-development PartnerMD partnered with Beacon Communities and Rise Together on the 299 Broadway Somerville project — a 290-unit mixed-income, transit-oriented development. Beacon Communities contributes affordable housing development expertise; Rise Together likely focuses on community/social mission aspects of the mixed-income component.
• SRG Senior LivingcoreStrategic or Co-development PartnerMark Development collaborated with SRG Senior Living on the Crafts Street senior housing project in Newtonville, MA. The project features 185 units of independent living, assisted living, and memory care. SRG Senior Living contributes senior housing operational expertise.
• Samuels & AssociatescoreStrategic or Co-development PartnerMark Development partnered with Boston-based Samuels & Associates on the 299 Broadway Somerville multifamily project (204 units). This marks the first Safehold-MD partnership, with Samuels & Associates contributing local development and community relationships in the Somerville/Winter Hill market.
• WalgreenscoreChannel Partner/ Reseller/ DistributorMark Development has served as one of Walgreens' preferred developers on the East Coast for over 20 years, successfully developing close to 200 drug store locations across 8 states. Walgreens is a repeat customer/anchor tenant that engages MD as its developer of choice for new store development.
• CVS PharmacycoreChannel Partner/ Reseller/ DistributorMD has developed both standalone CVS locations and CVS stores integrated into mixed-use projects (e.g., 585 Boylston Street, Copley Square, Boston). CVS represents a recurring national pharmacy tenant relationship.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Bulfinch Companies: Boston-area commercial real estate developer focused on mixed-use, office, and life science projects in Greater Boston and the Northeast. Direct comparable to Mark Development on size, geography, and asset-class mix.
• The Wilder Companies: New England-based retail and mixed-use real estate developer with a long track record of build-to-suit retail and shopping center projects across the Northeast. Highly comparable to MD's Walgreens/CVS retail pad-site platform.
• Samuels & Associates: Boston-based mixed-use real estate developer known for large-scale urban and suburban projects including Fenway and Somerville. Active co-development partner with MD on the 299 Broadway project.
• National Development: New England-based mixed-use, multifamily, and retail developer operating across MA and the broader Northeast. Closely comparable to MD in asset mix, deal size, and suburban-to-urban TOD focus.
• Beacon Communities: Boston-based affordable and mixed-income housing developer. Co-development partner with MD on 299 Broadway Somerville and a directly comparable peer in the affordable/mixed-income housing segment.

Broad incumbents

• Boston Properties (BXP): Publicly-traded REIT and the dominant Class A office/life science landlord in Greater Boston. A much larger incumbent operating across the same geographies and asset classes (notably life science) where MD competes.
• AvalonBay Communities: Publicly-traded multifamily REIT with a substantial Boston-area urban and suburban portfolio. Operates at significantly larger scale across the same multifamily and TOD asset classes as MD.
• Alexandria Real Estate Equities: Publicly-traded life science REIT and the largest lab landlord in Cambridge/Boston. Co-development partner with MD on Riverside Station — directly comparable in the life science segment at much larger scale.
• Toll Brothers: National luxury homebuilder and multifamily developer with significant Northeast presence. Comparable to MD in residential development and TOD product, but at vastly larger scale and broader geographic footprint.
• Trammell Crow Company: National commercial real estate developer (CBRE subsidiary) with active Northeast mixed-use and multifamily projects. Comparable to MD's mixed-use development platform but at substantially larger institutional scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/mark-development-llc
• Instagraminstagram.com/thelandingathudson

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mark Development