- By Thomas Grillo, Boston Business Journal
Developers of a $40 million mixed-use development in Wellesley that will feature 30 luxury condominiums and nearly 10,000 square feet of retail space have secured construction financing.
The project is a joint venture of Noannet Group, ELV Associates, both of Boston, and Connecticut-based Abbey Road Advisors. In 2013, the team bought the 1.25-acre parcel at 576 Washington St. that once housed the Wellesley Inn for $4.5 million. Construction financing totaling $24 million was provided by First Niagara Bank.
Located in Wellesley Square, Belclare Wellesley will be composed of one, four-story building and two, two-story properties offering two- and three-bedrooms ranging in size from 1,500 to 3,000 square feet priced at between $1.4 million to more than $3 million. The new development will feature oversized windows, balconies and terraces. Amenities will include a courtyard, a fitness center with sauna, a garage with elevator access and individual storage units.
Construction is expected to be completed next year. The development will bring an additional 9,500 square feet of canopied shops to Wellesley Square.
Steven Verdelli, an agent at Coldwell Banker Residential Brokerage, said while Wellesley is not known as a “condominium town,” there are more and more condos becoming available to meet the demand.
For example, Linden Square Townhomes on Oak Street was sold to Newton-based Universal Properties for $25.6 million last year and the apartments are being converted into condominiums.
MLS Property Information Network had nine Wellesley condo listings on Tuesday priced from $385,000 for a two-bedroom at the Wellesley Hollow Condominiums on Russell Road to a 2,474-square-foot townhouse on Pleasant Street for $1.1 million.