A site on Simarano Drive in Marlborough that’s been approved for 475 units of housing has been bought by developers for more than $14 million.
The buyers are Boston-based developer Rockpoint Group and Connecticut-based Post Road Residential, which has proposed hundreds of new residential units in a series of five-story buildings called the Green District. The seller was Boston real estate investment trust Boston Properties.
Construction is slated to start in the first half of the year, according to Rockpoint Group, with the first two of five phases approved for 475 units. It didn’t immediately return a message seeking comment. The Green District will be Post Road Residential’s eighth such development, all either in Massachusetts or Connecticut.
The undeveloped site spans 43 acres in Marlborough and another six acres in Southborough immediately off an interchange on I-495 next to three of Marlborough’s biggest corporate tenants: TJX Cos., Hologic, Ken’s Foods and IPG Photonics. It also stands next to Stone Gate, an apartment complex built in 2006.
The 43 acres in Marlborough were last assessed by City Hall at nearly $3.2 million. A six-acre portion of the site in Southborough, where the land is zoned for industrial use, was last assessed by the Town of Southborough at $48,800. The sale closed Dec. 22.
