Wayland River's Edge Development Reaches Milestone With Land Sale

Wayland MA

23 February, 2021

3:22 PM

Description

WAYLAND, MA — A planned 218-unit apartment development along the Boston Post Road reached a major milestone Tuesday after Wayland and the developer closed on the sale of the property. The River's Edge development has been in the works for close to a decade, and will help Wayland meet state-mandated affordable housing limits. Developer Wood Partners will pay the town a combined $1.8 million for the 490 Boston Post Road parcel, which was the site of the Wayland-Sudbury Septage Facility. Wood Partners will break ground on the development "immediately," the town said in a statement Tuesday. The project could be complete between 2022 and 2023, the town said. The project will also have benefits for the wider community. Wayland won two MassWorks grants in 2017 and 2020 totaling about $4.6 million for the project. The town will use the money to upgrade the wastewater infrastructure, including increasing discharge capacity at the wastewater treatment plant. Wayland said the town will also reap about $829,000 in permit fees, plus about $1 million in property taxes each year once complete. Related coverage Wayland MassWorks Grant Will Aid River's Edge DevelopmentDeveloper Submits Bigger Plan For Rivers Edge In WaylandWayland River's Edge Development Heads To Special Town Meeting