Petruzziello Properties, a subsidiary of Supreme Development, has begun construction on The Block at 22 Everett Street in Westwood, MA. This mixed-income development is located on a former industrial site and sits next to an MBTA commuter rail station. It is also situated near Supreme Development’s recently completed Islington Center redevelopment project.
The financing for this project comes from Dedham Savings and South Shore Bank with a reported loan amount of $30.2 million. The development will consist of 160 residential units, including 24 affordable housing units and 12,000 square feet of commercial/retail space. This marks the first project in Westwood to be submitted for certification under the town’s housing production plan which aligns with the MBTA Communities Act.
Giorgio Petruzziello, president and CEO of Supreme Development stated: “We are thrilled that both Dedham Savings and South Shore Bank recognize the value this project brings to our community.” He continued by saying that they share similar values when it comes to promoting community growth and vitality.
In summary: A new mixed-income residential development adjacent to Westwood’s MBTA Station has broken ground thanks to funding from Dedham Savings & South Shore Bank totaling $30.2 million dollars.The property is being developed by Petruzziello Properties (a subsidiary company) who have previously worked on other successful projects such as Islington Center redevelopment.This new addition includes both residential living spaces (with some designated as affordable housing) along with commercial/retail options making it an attractive location for potential residents looking for convenience & accessibility within their local area.Westwood Select Board approved this proposal which makes it eligible under state guidelines set forth through their Housing Production Plan – all designed around meeting requirements outlined via Massachusetts Bay Transportation Authority Communities Act.Connect CRE was able cover these details while speaking directly Giorgio Petruzziello himself who expressed excitement over how much support his team had received from both banks involved.
