Image courtesy David M. Schwarz Architects
Mark Development’s newest project in Newton would expand a bank building to create 50 multifamily housing units and a 225-seat restaurant.
The Wellesley developer, which has been transforming the Washington Street corridor over the past decade with a series of multifamily projects, is seeking approval for a five-story residential building as an addition to the former Santander Bank branch while converting the bank building into a restaurant.
The proposal comes in the wake of Mark Development’s recently-announced plans to acquire the nearby West Newton Cinema property from its longtime owners. The family-owned cinema will continue to operate for at least 18 months as Mark Development weighs its options for the future of the property, according to a statement released in July.
The Santander Bank redevelopment will include construction of a 60-foot-tall building at the rear of the existing structure. The bank would be converted into a lobby for the residences and a 225-seat restaurant, including 65 outdoor seats.
The housing is subject to Newton’s inclusionary zoning ordinance requiring 15 percent of the units to be reserved for households earning 50 to 80 percent of area median income, and one unit at 110 percent of AMI. The proposal calls for 69 parking spaces in a surface and below-grade structure.
The project will require rezoning the three parcels at 1315 Washington St. and 31 and 33 Davis St. from business to mixeuse, according to a memorandum issued by Newton Director of Planning and Development Barney Heath, along with special permit approval and zoning relief for dimensional standards, proposed use and parking.
