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The next phase of the 41-acre Founders Park in Needham will include a hotel, 390 apartments and up to three renovated office buildings.
In Newton, the city of 13 villages, Northland Investment Corp. is drawing up plans to build a 14th virtually from scratch.
The Newton-based development firm spent over a decade assembling the 28-acre site on the edge of the Upper Falls neighborhood. With the recent departure of shoe manufacturer Clarks North America’s offices to a build-to-suit headquarters in Waltham, Northland’s large-scale redevelopment plans call for contemporary office space, stores and restaurants and nearly 1,000 multifamily units.
In Needham, Normandy Real Estate Partners is set to begin the next act in its redevelopment of a post-war industrial park. After landing the TripAdvisor headquarters as its marquee corporate presence
in 2013, the next phase will include a new hotel and renovated office buildings. Toll Brothers has begun construction of a 390-unit apartment complex, while appliance-maker SharkNinja is set to relocate June 1 from Newton to a renovated former General Dynamics R&D building within the 41-acre property recently renamed Founders Park.
“There’s been a constant renewal of uses out here,” said Jamie Nicholson, a senior vice president for Normandy. “We feel like we’re building the version 4.0, and that version is the most exciting.”
Both projects, economic development officials say, would help suburban communities compete with downtown addresses for office tenants by adding shops and housing within walking distance to workplaces. But public transit options remain limited, and developers are looking to expand and consolidate private shuttle services running from their properties to key MBTA stations.
Northland’s ‘Novel’ Blueprint For Upper Falls
Acquired by Northland in 2005, the Oak Street converted mill complex retains rustic details such as spindle columns and wood trusses, said Peter Standish, a senior vice president at Northland. Northland plans to market 175,000 square feet to small- and mid-sized office tenants looking for open format workspaces with brick-and-beam architecture, he said.
Up to 200,000 square feet of retail and restaurant space would be built in ground-floor spaces and freestanding buildings along a new street running through the heart of the site.
“The idea is to create a real Main Street with people living above the retail, and a central square as a venue for community activity,” Standish said. “We’re trying to create a mini-town. We came up with a design that we think is right for the site and a real novel change.”
The project requires zoning amendments subject to approval of Newton’s city council. A formal proposal is expected to be filed later this year.
The size of the residential component has potential to stir controversy in Newton, where Boston-based Cabot, Cabot & Forbes’ attempts to build 334 multifamily units in the Wells Avenue office park were denied by city officials and a legal challenge has reached the Supreme Judicial Court. Newton Mayor Setti Warren declined a request for comment on the Northland plans.
Founders Park Creates ‘Exciting Ecosystem’
After attracting big leases for 281,000 square feet from TripAdvisor at 400 First Ave. and 180,000 square feet from SharkNinja at 89 A St., Normandy is marketing two additional spaces totaling 67,000 square feet within 89 A St. at as potential corporate headquarters. The park also has build-to-suit parcels for 210,000 square feet at 380 First Ave., up to 115,000 square feet at 37 A St. and up to 149,000 square feet at 2 B St.
Construction of a Staybridge Suites hotel will begin by year’s end on the site of a recently-demolished office building at 156 B St. Up to 19,000 square feet of retail is planned.
The office buildings could attract growing suburban companies that have expanded in multiple locations and want to consolidate under a single roof, Nicholson said.
“They create a more exciting ecosystem to be in that location and be neighbors with the 800-pound gorillas,” he said, referring to TripAdvisor and SharkNinja.
Another developer, Needham-based Bulfinch Cos., is considering a lab conversion to attract life science tenants to one of nine commercial properties it owns in the two communities, 320 Needham St. in Newton. But that strategy comes with added risk, given the volatility of the life science industry, said Michael Wilcox, Bulfinch Cos.’ director of leasing.
“Lab tenants want to be assured the landlord is committed to making the improvements, and associated with that is the speed to market,” he said. “You have to underwrite (venture capital-backed) users and have the confidence that the infrastructure in the building will work for the next tenant.”
Keeping Entrepreneurs Closer To Home
Northland and Normandy’s mixed-use strategies mesh with the goals of the N-Squared Innovation District, a public-private partnership affiliated with the Newton-Needham Chamber of Commerce. The group has been studying economic competitiveness strategies for 500 acres of commercial land off Route 128 in the two communities.
A study completed last year by consultant Camoin Assoc. spotlighted the relatively small startup community in the western suburbs despite high educational levels of residents. The report recommended more workforce housing options are needed to encourage entrepreneurs to grow companies in the suburbs.
Newton median single-family prices have topped $1 million in recent years, while Needham’s year-to-date median sales price is nearly $1.1 million, according to data compiled by The Warren Group, publisher of Banker & Tradesman.
“Single-family houses only go so far, and we need more varied housing stock,” said Chuck Tanowitz, acting director of the N-Squared Innovation District.
