Framingham Considering $9.1 Million in Tax Incentives For Two Developers Who Plan To Construct 450+ Apartments

FRAMINGHAM – The Town of Framingham is considering giving two developers $9.1 million in tax incentives.

Town Meeting members will make the decision next month at a Special Town Meeting, called by Framingham Selectmen earlier this month.

Tonight, January 18, there is a public hearing at the Memorial Building on the proposed “Urban Center Housing Tax Increment Financing Plan for the Central Business district.” The hearing starts at 7.

The two developers want to construct mixed-use and multi-family apartments in downtown Framingham.

Combined it would bring more than 450 new apartments within walking distance to the commuter rail station.

Leadership in the Town of Framingham pushed for zoning changes for downtown Framingham to spur growth.

These are the first two proposal since a 2015 Town Meeting-approved zoning change, that allowed for multi-story and multi-use developments in downtown Framingham.

One development is for 270 multi-family apartments at 266 Waverly Street. The second proposal is for 197 apartments plus retail space at 75 Concord Street.

There has been no new construction in downtown Framingham since 1980, said Framingham Selectmen Chair Cheryl Tully Stoll.

Mill Creek Residential wants to construct a $73 million 6-story apartment complex, called Modera Framingham at the site of the former Harley-Davidson dealership on Route 135.

There would be 270-units, of which 10 percent would be affordable housing. Offered would be studio, one-, two-, and three-bedroom apartments. The Planning Board approved the proposal during the summer of 2016.

Mill Creek Residential would be seeking $2.8 million in tax incentives over a 7-year period.

Wood Partners is proposing a $60 million mixed-use project at 75 Concord Street on Route 126. The proposed project would have 197 apartments plus about 2,600 square feet of retail space.

Wood Partners would be seeking $6.3 million in tax incentives over a 20-year period.

***

Pictured is the proposed Modera Framingham, as submitted to the Framingham Planning Board

 

Framingham Source Editor Susan Petroni

Susan Petroni Framingham Source Editor Email: editor@FraminghamSource.com Phone: 508-315-7176

Leave a Reply