Image courtesy of Utile
Redevelopment of the former Santander Bank property in West Newton is back in play with submission of a $63 million proposal by Beacon Communities.
The Boston-based affordable housing developer proposes two new buildings on the 1314 Washington St. site and renovations to the former bank building, which would be partially demolished and be reactivated with new retail space. The project totals 72 income-restricted apartments.
Beacon Communities’ project is one of two new proposals that face an easier path to approval under Newton rezoning designed to encourage multifamily development. In Newton Highlands, developers plan 35 affordable apartments replacing a service station.
At the West Newton site, a previously approved project by Mark Development would have totaled 50 apartments, including a 15 percent income-restricted component, but didn’t proceed to groundbreaking.
Beacon Communities has signed a $9.75 million purchase-and-sale agreement to acquire the property by September 2027, while it pursues state-issued low-income tax credits to help complete its financing. The developer hopes to begin an estimated 22-month construction period in 2028, according to application materials.
The 88,000-square-foot project qualifies for a streamlined permitting process under the MBTA Communities act, which required 177 cities and towns to allow multifamily housing by right. As proposed, the project would not be required to seek approval from Newton land-use boards.
Although zoning doesn’t require on-site parking, Beacon Communities proposes up to 25 parking spaces.
Newton has some of the region’s highest apartment rents, ranging from $3,400 to $3,800 per month, according to Apartments.com data submitted by Beacon Communities as part of its application.
By contrast, the most common unit type in the proposed development would be 30 two-bedroom units reserved for households earning a maximum 60 percent of area median income. Such 925-square-foot units would rent for $2,171.
Beacon Communities is seeking $4 million from Newton’s Affordable Housing Trust to help complete its financing package.
In Newton Highlands, a developer submitted plans last week for a 35-unit affordable apartment complex at 1186 Walnut St. The 0.25-acre service station property is located a block from the Newton Highlands station on the MBTA Green Line.
Development consultant Arx Urban and Terra Living Partners are partnering on the estimated $27.2 million project. The team has requested $2.15 million from the city’s Affordable Housing Trust.
The trust has a current balance of $1.2 million, according to a memo by Newton Planning and Development department staff recommending a partial funding award for the project.
Designed by Boston-based architects Embarc, the 5.5-story, 39,550-square-foot building would include ground-floor commercial space and six covered parking spaces.
Image courtesy of Embarc
