Image courtesy of The Architectural Team
A development company founded by a pair of former AvalonBay Communities executives has begun construction in the latest of a series of major apartment projects near Framingham’s MBTA commuter rail station.
The 358 Waverly St. project includes 181 apartments, including 21 income-restricted units.
First Citizens Bank & Trust Co. provided a $47.3 million construction loan for the project in August, according to a Middlesex County mortgage.
Founded in 2022, Waverly Development is led by Principals Julia Wynyard and Raymond Boghos, who have a combined 25 years experience in real estate. Wynyard previously was an executive for Samuels & Associates and AvalonBay Communities. Boghos started developing condominiums in South Boston during his college years and also worked at AvalonBay Communities.
Bridgewater-based Callahan Construction is overseeing the project.
“The need for more smart, sensible, transit-oriented development is significant in Massachusetts, which is why the start of construction of the 358 Waverly St. project is so important for the Metrowest region,” President Patrick Callahan said in a statement.
Framingham’s former town meeting rezoned the area near the train station in 2015 to encourage transit-oriented multifamily housing development, spurring the rise of projects such as Wood Partners’ 196-unit Alta Union House complex and Mill Creek Residential’s Modera Framingham, which contains 270 apartments.
In 2020, the Framingham City Council enacted a moratorium on multifamily development after developers submitted plans for approximately 1,400 housing units. The moratorium expired in 2021.
Located 500 feet from the train station, the development site includes 358 and 380 Waverly St. and 16 South St, and includes the former El Mariachi restaurant and surface parking.
The project includes 3,000 square feet of retail space and 230 garaged parking spaces. Resident amenities will include a club room, work from home offices, swimming pool, courtyard with fire pits and grilling stations, turf field and dog run.
