BOLTON — Wood Partners, a real estate firm with roots in Atlanta and a presence in Boston, recently acquired a 26-acre parcel of land in Bolton for the construction of a sizable apartment complex that includes affordable housing options. This acquisition, completed on January 17 for a total of $3,091,500, was facilitated by O’Brien Commercial Properties.
Located off 580 Main Street, the proposed development – named the Alta Nashoba Project – has received the green light from town officials and is poised to feature a mix of 229 rental apartments and four townhouses, spanning 13 acres of the newly purchased land. The apartments, varying in size from 750 to 1,350 square feet, will offer one to three-bedroom options, while each of the townhouses will encompass 2,505 square feet and include three bedrooms.
Over 50 of these units are designated for residents with incomes up to 80% of the area’s median, addressing the need for more affordable housing options. The project will also introduce a series of amenities like a fitness center, resident lounge, business workstations, and outdoor spaces including a pool, fireplace, and dining areas with grills.
In terms of parking, plans include 325 surface parking spots and 32 private garages. Additionally, the development is expected to generate significant economic benefits, including an estimated $700,000 in annual tax revenue and the creation of 200 construction jobs.
Interestingly, the site at 580 Main Street is currently occupied by a 110,000-square-foot office building, known for its distinctive double-rhombus shape. As part of the development process, about half of this structure will be demolished, with the remaining 65,000 square feet to be leased as office space.
This project marks Wood Partners’ second venture in the county, following the completion of The Rockwell, a 204-unit residential development in Berlin, in 2020.
