A rendering of the existing approved development plan/Image courtesy of Minno Wasko Architects and Planners
A pair of real estate developers are joining the team for the long-delayed Riverside station project in Newton, along with another set of changes to the plans.
The nation’s largest multifamily landlord, Greystar, and senior housing developer Harbert South Bay would develop four of the six buildings.
Mark Development presented the changes this week to a liaison committee on the project, which would be built on MBTA-owned land next to Riverside station. The changes require approval by the Newton City Council.
Mark Development CEO Robert Korff said the current approved plan has had trouble completing financing, Newton local news site Fig City News reported. Mark Development faces a March 2027 deadline to begin construction under the terms of its agreement with the MBTA.
Mark Development was originally designated as developer of the site in 2018. In 2020, the Newton City Council approved a large mixed-use project on the site.
Last December, the council approved a revised plan that increased housing from 550 to 753 homes, removing plans for office-lab space and a hotel, and more than halving the retail component to under 20,000 square feet.
Now, Greystar would take on the role of lead developer and be responsible for constructing two residential buildings and a parking garage, along with infrastructure related to the project.
Birmingham, Alabama-based Hartbert South Bay would develop two buildings as senior living, while Mark Development would construct the remaining two buildings.
Harbert South Bay has developed over 11,000 senior housing units in 83 projects, and focusing on “ultra-luxury facilities” in “affluent zip codes and limited to no supply,” according to a press release.
The total residential unit count is still under discussion, but could be up to 75 fewer than approved in December, Fig City News reported.
The changes received preliminary support from Newton Ward 4 City Councilor Randy Block.
“I personally think that the partnership with Greystar is a great improvement over just Mark Development trying to do this all on its own,” Block said.
