A $63 million affordable housing project proposed for the former Santander Bank site at 1314 Washington St. in West Newton is drawing support for its 72 income-restricted units and pushback over a plan that includes just 25 parking spaces.

Beacon Communities, a Boston-based developer, signed a purchase-and-sale agreement with an LLC affiliated with Mark Development to acquire the historic bank building and adjacent parking lots for $9.75 million, with a closing deadline of Sept. 1, 2027. Mark Development bought the property in 2018 and won a special permit in 2023 for its own mixed-income redevelopment, but never broke ground.

As we reported July 29, Beacon plans to rehabilitate the 1915 bank building for ground-floor retail, then construct a 4.5-story building directly behind it and a 5.5-story building behind that. All 72 rental units would be income-restricted for households earning up to 30%, 60% or 80% of Area Median Income.

The project qualifies as-of-right under the Village Center Overlay District zoning the City Council passed in December 2023, meaning it needs only standard building and demolition permits. The Historic Commission must still review the project because the bank structure is more than 50 years old.

Parking at the center of debate

The proposal's 25 parking spaces for 72 units, a ratio of about 0.35 per unit, has become the project's flashpoint. The parking lots behind the bank are currently used exclusively by the Newton Police Department.

At the Newton Fair and Affordable Housing Partnership meeting on June 30, Beacon Communities President Josh Cohen called the ratio "market-appropriate" given the site's proximity to the West Newton commuter rail station. He acknowledged the area is not as walkable as some other sites the firm has developed, but said providing about a third of units with parking felt right for the building's lease-up.

Beacon Vice President of Development Darcy Jameson told the same meeting that construction would likely begin in late 2027 or early 2028, assuming funding comes through.

Ward 3 City Councilor Julia Malakie, whose district includes the site, praised the project's preservation of the historic bank and its inclusion of deeply affordable 30% AMI units. But she raised concerns about what happens when residents who signed leases without parking end up needing a car, noting that living car-free in West Newton is difficult, especially with children, and that the commuter rail is far less useful than the T. Malakie said July 29 she expects the city will need overnight parking bans and buffer zones around the development to keep neighboring streets available for business customers and employees.

Laurel Farnsworth, a member of the First Unitarian Universalist Society in Newton located across Highland Street from the site, told the June 30 Partnership meeting that her congregation is already struggling with parking and that the loss of the lots would hurt West Newton Square businesses.

"I think you won't find a single business who doesn't say they're suffering from lack of parking," Farnsworth said.

$63M financing picture

The total project cost exceeds $63 million, according to Bisnow. Beacon is seeking $4 million from the Newton Affordable Housing Trust, alongside $36 million in federal and state equity and $14.3 million from MassHousing Partnership, Fig City News reported.

What's next

The Newton Affordable Housing Trust's next scheduled meeting is Sept. 15. The Trust has not announced a timeline for its $4 million funding decision, and no Historic Commission review date has been set.