University Station Construction is Underway Again
The University Station project in Westwood has been delayed for years. As the state’s largest development project, many are excited to see the dormant project take shape again. Phase 1 was anticipated to be competed by fall of 2014, but the project stalled in 2010. The location is ideal, just off I-95, and major retailers including Wegman’s, Target, and Nordstrom Rack have expressed interest in space. The mixed use space is projected to contain retailers, eateries, and outdoor recreation space.
The housing component will consist of high end, luxury apartments brokered by The Hanover Company. These apartment are being marketed to young professionals and mature couples, but will also include an affordable housing component, where 25% of the first 221 units will be made available to residents who qualify,. as well as 10% of the remaining units. These units will be rented at $1,100.00 to $1,300 a month.
Reasoning including the extended break in the project’s progress have excited many to have this underway again. University Station has been resurrected by a new investment team, as well as the recent economic boom and revival of the housing market. These are also the factors behind the uproar of construction across the state, all of which help the project finally progress.