Residential Developer Plans $60M-Plus Project

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NEEDHAM, MA-A local developer plans to build a 350-unit apartment complex inside the New England Business Park in what may be a first-of-its-kind venture in Massachusetts.

Boston-based Cabot, Cabot & Forbes, the developer behind the two-million-sf mixed-use Westwood Station project, has teamed with the Hanover Co. of Houston and Commonfund Realty Inc. of Westport, CT, to build Charles River Landing at 300 Second Ave. Construction is expected to begin later this year with completion scheduled within 26 months. Estimates place the development cost at $61 million to $71 million, based on the average per unit tab for residential space. The project will include a 601-space parking garage.