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Developer Robert Korff’s latest venture transforming the commercial landscape in Newton will bring a 1 million-square-foot mixed-use project to the MBTA’s Riverside station property, with construction expected to begin in 2022.
Newton city councilors unanimously approved a special permit this week for the 10-building project at 355 and 399 Grove St. including a 150-room hotel, 247,000 square feet of office-lab space, 43,000 square feet of retail and 582 apartments.
The final approval comes nearly a year after Korff’s Mark Development significantly redesigned the project, which previously proposed a total of 1.5 million square feet of development, in response to objections from Lower Falls’ residents.
“As a result of this collaborative effort, the city will gain much needed new housing, including a significant number of affordable units, and commercial space. Equally importantly, it transforms an unattractive parking lot into a new neighborhood that contributes to the vitality of the city we all call home,” Korff said in a statement.
The majority of the 13-acre site is located on a parcel ground-leased from the MBTA, and Mark Development will replace the surface parking with structured parking for MBTA riders and people who live or work at the new development. The other parcel is occupied by the Hotel Indigo.
The parking garage and three other buildings would be the first phase of construction, with the entire buildout spanning 5 to 10 years, Mark Development said.
The housing portion includes 103 income-restricted units.
Mark Development agreed to pay $20 million for road improvements including new ramps providing direct access from Interstate 95, and $8 million to the city of Newton for transportation infrastructure, neighborhood and school improvements and traffic mitigation.
