Eastern Real Estate Buys Westwood Station
According to a press release today, Eastern Real Estate LLC has reached an agreement to purchase Westwood Station:
Originally planned to include in excess of 4.5 million s.f. of retail, office, residential and hotel space, the project has stalled in recent years. The regional transportation improvements spurred by the proposal which have far reaching benefits have also been on hold. Eastern’s deal is a major step in the advancement of the project.
The 140 acre Westwood Station Project is a high profile redevelopment of industrial land located near the I-95/I-93 interchange in the University Avenue area of Westwood. The property is adjacent to the Route 128 station, which includes both MBTA’s commuter as well as Amtrak’s intercity rail service. Eastern principals, Brian J. Kelly and Daniel J. Doherty III, who founded Eastern in the 90’s, see this as an opportunity to re-energize the project.
According to Mr. Doherty, “Eastern recognizes the extensive work that has gone into the planning of Westwood Station, and we look forward to advancing the project so that the associated benefits to the community and the region can be realized in a timely fashion”.
Nancy Hyde, Chair of Westwood’s Board of Selectmen commented “The Town of Westwood is optimistic that the transfer of ownership will lead to the successful resumption of development at this prime site. We continue to be appreciative of the State’s support of both this project and regional economic growth through its investment in essential roadway infrastructure in and around Westwood Station, and we look forward to establishing a strong working relationship with Eastern.”
Mr. Kelly added, “There is a lot of work to be done and we look forward to working collaboratively with local and state officials to make this project a reality.”
Eastern Real Estate LLC is a Woburn, Massachusetts based real estate development firm.
Comments
Doherty related to Doherty?
After recently running for the seat being vacated by Marian Walsh, the most often asked question was whether I was related to her. My answer is no, no relation.
I couldn't help but notice that one of the principals of Eastern Real Estate, LLC has the last name of Doherty, (Dan Doherty) the same name as one of the principals of CC&F (Jay Doherty.) So are they related?
Brian J. Kelly same name as our (School Committee's) Brian Kelly
Yet another coincidence.
energy and Westwood Station
Apparently *someone* examined the possibility of making Westwood Station be a net contributer of electric power, planning to install some environmentally supportive generating station on site. Alas, the plan runs afoul of Commonwealth law or case history, for the proposal requires the privately obtained power to cross a public artery, something which is prohibited.
(clarification)
The "*someone*" referenced in the above was the developer of the project, who did a feasibility study of making the Station powered by renewbles entirely. There is a plan (still) for a photovoltaic array.
However, after doing some research on my own (including http://www.mass.gov/Eoeea/docs/doer/renewables/wind/wind-siting-study-04...), I think this was a mis-statement. I believe the problem is that renewables projects -- particularly those pursued by private companies -- are too small to benefit from favorable siting and other reviews under Commonwealth law. Projects sponsored by public service commissions are exempt, if I read the regulations right.
So the business about the right-of-way issues ("...cross a public artery...") are a red herring, I think.
This was part of the intent of the recently proposed and rejected legislation to facilitate siting of wind renewables and others.