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340,000-square-foot mixed-use development proposed for Waltham center

Posted by Jaclyn Reiss  March 14, 2013 04:12 PM

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moody at main rendering single.jpg

Northland Investment Corp.

A rendering of the proposed development at Moody and Main streets, viewed from Lexington at Main streets.

Developers are seeking Waltham City Council approval to demolish four mostly-vacant buildings at the intersection of Moody and Main streets in the center of town and build three five-story buildings housing 269 residences, 392 parking spaces, and various ground-level retail spaces.

Developers hope the project, which would span 340,000 square feet, will be approved by this summer and completed by fall 2015.

Lawyers representing Newton-based Northland Investment Corporation delivered a presentation at this Monday's council meeting, outlining the buildings developers wish to demolish - 702 Main St., 716 Main St., 1 Moody St., and 55 Moody St. - to build the three buildings.

The company has owned the buildings since 2005, and were permitted to start a different development project in 2009. However, developers decided to hold off, citing the poor economy and wanting to rework the design, said Michael Connors, a lawyer representing Northland.

Now, the developers are hoping to get approval from the city to build 38 more units than was originally approved in 2009, Connors said.

Developers also need city permission to host retail shops on the first floor; decrease the number of drive-through lanes from seven to four; allow a parking entrance within 200 feet of a church; and allow certain loading docks on site.

The proposal was referred Monday night to the council's Rules and Ordinances Committee.

However, Connors said he hopes the council will sign off on the project by early summer so construction could start this year with an August 2015 completion date.

The buildings in question, which previously held only commercial tenants, are mostly vacant, except for Sovereign Bank at 1 Moody St. and Citizens Bank at 716 Main St.

Connors said demolition would be done in phases so that the two banks would have temporary spaces during construction. The banks could then relocate to the proposed ground-level retail space in the completed project.

Connors said it was too early to pinpoint what type of stores would go in the commercial space.

"Technically one or two big tenants could take the remaining space, but hopefully there will be several smaller shops so there are different retail choices," he said over the phone.

The development appears on the agenda for the committee at their next regularly-scheduled meeting on Monday, March 18.

moody st rendering 2.jpg

Northland Investment Corp.


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Jaclyn Reiss can be reached at jaclyn.reiss@globe.com

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