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May 18, 2023

NY firm proposes 224-apartment mixed-use development at Framingham plaza site

Rendering | Cube 3 Studio of Lawrence, courtesy of Framingham Planning Board Kimco Realty proposed a 224-apartment mixed-use development at the site of its Framingham plaza.

New Creek II, LLC, an affiliate of New York-based Kimco Realty, is proposing an $82-million mixed use development at the site of its plaza at 208 Waverly St. in Framingham.

The project proposes demolishing an existing 26,500-square-foot structure and replacing it with a nearly 300,000 square foot building, including 224 apartments and 10,000 square feet of retail space, along with 375 parking spaces, according to an application submitted to the Framingham Planning Board on behalf of New Creek II by attorney Katherine Garrahan of Worcester-based law firm Bowditch & Dewey.

The project was granted a zoning variance to allow for construction of residential units by the Framingham Zoning Board of Appeals on Feb. 8, according to the application.

The development will include 131 one-bedroom units and 94 two-bedroom units, with 25 being designated as affordable.

The plaza is currently home to Dollar General, AutoZone, and a Brazilian grocery store called Seabra Foods, according to MetroWest Daily News.

The project is approximately a half-mile from the Framingham Commuter Rail station. The location is within sight of the Modera Framingham apartment complex, which opened in 2020 with 270 apartments, and is not far from Union House which opened in 2019 with 196 units.

The project will be presented to the planning board at its Thursday meeting.

Kimco Realty is a real estate investment trust based in Jericho, New York. It is the largest publicly-traded owner-operator of open-air grocery-anchored retail plazas, according to its website. It owns several properties in Eastern Massachusetts. In Central Massachusetts it owns Mill Street Plaza in Worcester’s Webster Square. The company reported $1.7 billion in revenue in 2022.

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