Wayland Board Signs Off On 188-Unit Rental Unit Build

WAYLAND, MA—A development company is on its way to building a 188-unit rental community on 8.24 acres of land at 484-490 Boston Post Road.

The project includes 25 percent of which will be affordable and a minimum of 25 percent which will be age- restricted.

The gross purchase price for the property is $8,098,550 which is reduced by the estimated cost of site work, resulting in a net purchase price of $1,500,000, according to an announcement.

To erect the new buildings, a septage facility on the Sudbury-Wayland line will be demolished, and the design and construction of an on-site package treatment plant, design and construction of a water line extension and necessary removal and remediation of on-site soils. Closing on the sale will take place 12 months after the date of the Land Disposition Agreement, with certain allowable extensions.

The project will bring the Town close to the 10% affordable housing threshold set by the state for all cities and towns.

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