59 Fountain Street2018-04-05T13:53:22+00:00

Project Description

59 Fountain Street

Framingham, MA
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Property Type

Rental Apartments

Project Type

Rehabilitation and New Construction

Role

Co-General Partner

Development Cost

$72.7 million

Square Footage

242,300

Number of Units

258

Developer Partner

Washington Square Ventures

Architect

Bargmann Hendrie + Archetype, Inc.

Acquisition & Construction Lender

Avidia Bank

Expected Completion

2020

59 Fountain Street (aka The Bancroft Building) is an old mill building that will be transformed into a transit-oriented multifamily project located in Framingham, MA – 20 miles west of Boston. The Property is located in Framingham’s revitalizing Central Business District, where multifamily use “as-of-right” was recently approved as part of a commitment to revamping the downtown area and fostering new commercial and residential development. The property offers a highly unusual set of characteristics –highly amenitized urban infill apartments with great public transportation on the edge of a large pond featuring both unique industrial style loft apartments and new construction.

The property consists of a 3+ acre site abutting the beautiful 149-acre Farm Pond which offers boating, fishing and other outdoor activities, in addition to the full suite of amenities located at the property including a gym, roof deck, and an outdoor pool. Many of the property’s unique industrial features will be preserved.  Popular destinations within a short walk also include athletic fields, an ice arena, and the Cushing Memorial Park, comprised of hundreds of acres of parkland, including a golf course.