A Boston developer wants to turn the former Santander Bank site in West Newton into 72 fully affordable apartments, but the plan's slim parking allotment is already drawing fire from the neighborhood's city councilor and a church across the street.
Beacon Communities has signed a purchase-and-sale agreement to buy the property at 1314 Washington St. from an LLC affiliated with Mark Development for $9.75 million, with a closing deadline of September 1, 2027, according to Fig City News, which first reported the deal details.
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Beacon plans to rehabilitate the historic 1915 bank building, then construct a 4.5-story building directly behind it and a 5.5-story building behind that. The result: 72 rental units, a mix of studios, two-bedrooms, and three-bedrooms, all income-restricted for households earning up to 30%, 60%, or 80% of Area Median Income. Retail space would occupy the ground floor of the preserved bank.
The project qualifies as-of-right under the Village Center Overlay District zoning the City Council passed in December 2023. It needs only standard building and demolition permits, though the Historic Commission must review the project because the bank structure is more than 50 years old.
$63 million funding package
The total financing exceeds $63 million:
- $36 million in federal and state equity
- $14.3 million from MassHousing Partnership
- $4 million requested from the Newton Affordable Housing Trust
- $8.5 million in additional funding sources not yet specified
Beacon Vice President of Development Darcy Jameson told the Newton Fair and Affordable Housing Partnership at its Tuesday, June 30 meeting that construction would likely begin in late 2027 or early 2028, assuming funding comes through.
Parking fight
Here's where it gets contentious.
The proposal includes just 25 parking spaces for 72 units, a ratio of about 0.35 spaces per unit. VCOD zoning does not require any resident parking, but the number has drawn sharp criticism.
Ward 3 City Councilor Julia Malakie, whose district includes the site, praised the affordable housing but warned the parking plan is unrealistic for West Newton. "It's not easy to live car-free in West Newton, especially with kids, and the Commuter Rail is far less useful than the T," Malakie said, according to Fig City News. "People may plan to be car-free but find they need one after all, then what?"
Malakie said 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 Washington Street from the site, raised similar concerns at the June 30 Partnership meeting, saying her congregation is already struggling with parking and that the loss of the lots behind the bank would hurt West Newton Square businesses.
Beacon President Josh Cohen said at the same June 30 meeting that providing roughly one-third of units with a parking space "feels right to us in terms of the lease-up of the building," citing the site's transit access and walkability.
Background
Mark Development acquired the bank building and adjacent parking lots in 2018. The City Council approved a special permit for Mark's own redevelopment plan in 2023, but the firm never broke ground. The parking lots behind the building are currently used exclusively by the Newton Police Department.
Beacon Communities, the Newton Affordable Housing Trust, and the mayor's office did not respond to requests for comment.
The Newton Fair and Affordable Housing Partnership discussed the proposal at its virtual meeting on Tuesday, July 28. The trust has not announced a timeline for its funding decision, and no Historic Commission review date has been set.
