After a long stand-still, the Westwood Station project gained momentum once again on Friday, when it was announced that a new partnership of several entities would acquire 130 acres of Westwood to develop a mixed-use project to include retail, housing, office and hotel use.
The project is being renamed "University Station", and comes at the hands of a new partnership between New England Development, Eastern Real Estate, National Development/Charles River Realty Investors and Clarion Partners, according to a news statement Friday afternoon.
The first phase of the project is expected to open in 2014, according to the announcement. Moreover, the team involved is working on the initial stages of crafting a proposed master plan to submit to Westwood officials.
"We look forward to working with the Town of Westwood, the Commonwealth of Massachusetts and the local community on such an exciting project," New England Development Chairman Stephen Karp said in a statement. "Many retailers, including Wegmans and Target, have expressed strong interest in this location, and we anticipate that they will be key components of this new development."
Added Daniel J. Doherty III and Brian J. Kelly, Principals of Eastern Real Estate, in a statement: "We're excited to be working with New England Development, National Development and Clarion Partners on this project and bringing our collective real estate development experience to this redevelopment."
Westwood Patch will provide more information on the revamped project as it develops.