Image courtesy of Cube 3 Architects.

A retail plaza at a key intersection in northern Framingham could soon be redeveloped into a village center-style retail and multifamily project.

Centercorp Retail Properties plans to build 158 residential units and 10 retail storefronts, plus a stand-alone CVS store, on a 7-acre site at the corner of Edgell Road and Water Street at the heart of the city’s Nobscot neighborhood north of downtown. The development would replace a 45,437-square-foot shopping plaza built in 1960 and a 2-story, 5,670-square-foot office building built in 1969, plus an empty lot once home to a gas station and a small church built in about 1900, according to city property records. The church building would be relocated down Edgell Road to the southwest corner of the site, but all other buildings would be demolished.

The project, designed by Cube 3 Architects, is somewhat unusual for a suburban retail project, as it would place both the CVS building – located at the high-traffic corner – and the retail storefronts close to the sidewalk with their parking located behind instead of in front of the store. A presentation filed with the city shows an expanded sidewalk with trees and benches creating a pedestrian-friendly environment in front of the retail units, which would be topped by 30 one-bedroom units, 17 two-bedroom units and five three-bedroom units. A second building located to the south would contain the remaining 106 residential units, plus a pool, leasing office and residential amenity spaces. Both buildings would be 3 stories and 50 feet tall.

The CVS building would be provided with 74 parking spots while the residential buildings would be provided with 265 vehicle parking spots and covered 44 bicycle parking spots, according to plans submitted to the city.

City officials told Banker & Tradesman the project will be heard by the city’s planning board on Jan. 9. The project will need a special permit and site plan approval from the board.