February 1, 2018

Atlanta firm purchases future Framingham apartment site for $2.7M

Courtesy/City of Framingham
A map of the properties purchased for $2.7 million and the future site of a five-story apartment building.

An Atlanta-based property investment firm has purchased several properties in downtown Framingham for more than $2.7 million as it prepares to begin construction on a five-story apartment building.

Wood Partners has purchased Tuesdat six properties on Kendall Street, Howard Street and Concord Street, according to the Middlesex County Registry of Deeds.

The firm specializes in residential development, boasting a portfolio of more than 200 properties, according to its website.

The Planning Board in April approved the plans, which call for 197 units of housing, 20 of which will be deemed affordable.

Town Meeting last March approved a tax-increment-financing agreement with Wood Partners with the town providing $5.9 million in property tax exemptions for 15 years.

The project represents a $60-million investment to the city, according to a press release of the Town Meeting vote.

The project marks yet another development for downtown Framingham, including 171 housing units in two separate projects from local developer VIT Management, one of which is proposed to be across Howard Street from Wood Partners' project.

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