According to a report from the Boston Herald, the MBTA board has given approval for a new development project near Riverside station in Newton, MA. This proposal will bring hundreds of transit-accessible housing units to the area.
During a recent board meeting, MBTA chief real estate officer Richard Henderson presented the development plan and stated that after much discussion and collaboration between both parties involved, they have reached an agreement. The developer’s proposal includes two phases – with phase one consisting of residential units on their site as well as some on our site. This first phase will include approximately 545 units with 20-25% being designated as affordable housing.
The initial stage of this project by Mark Development also includes plans for 650 parking spaces reserved for use by MBTA customers. However, there is potential for further development in this area under certain conditions set forth by the company.
Currently occupying this lot are the closed Indigo Hotel and around 950 MBTA parking spaces.
In summary, Connect CRE reports that following discussions and negotiations between all parties involved,the Massachusetts Bay Transportation Authority (MBTA) board has approved an updated proposal put forward by Mark Developmentfor a large-scale construction project near Riverside station in Newton,Ma.The proposed plan consists of two phases;the first focusing solely on residential properties primarily located within their own land while utilizing partof ours.This initial stage aims to construct about545unitswith up to25%being designatedasaffordablehousing.Additionally,the developers have included plansfor650parkingspacesreserved exclusivelyforMBTAcustomers.However,this scaled-back version still allows themto potentially expand uponthedevelopmentinthe future.Until then,the current lot houses boththe now-closedIndigoHotelandaround950MBTAparkingspaces.ConnectCRE concludesby statingthatthisapprovalwillpushforwardmuch-neededtransit-accessiblehousingoptionsinNewtonMA.
