The name "Waterstone at Wellesley" has been given to the new mixed-use project at the site of the former Grossman building in Wellesley.

Waterstone at Wellesley will contain a luxury senior housing building, according to a statement. The retail and office building will be known as 25 Washington St.

"We are pleased to have a name that represents the quality community that we are creating in Wellesley," said Ted Tye, managing partner of Newton-based National Development. "Waterstone at Wellesley will have striking views of the Charles River and we wanted a name that captures not only the river but also the name of our home town."

Waterstone at Wellesley will include 138 luxury rental apartments for seniors, according to a statement. Amenities include a fitness center, pool, theater, restaurant-style dining room and underground parking.

Groundbreaking on Waterstone at Wellesley is scheduled for sometime this month with an opening planned for March 2012.