266 Waverly Street
75 Concord Street
Framingham, MA – A special town meeting of Framingham residents has approved tax-increment financing (TIF) agreements for two proposed transit-oriented developments and a new Urban Center Housing Tax Increment Financing (UCH-TIF) plan and zone for downtown Framingham. Previous zoning laws discouraged developers from creating the kind of new units that appeal to young professionals and others who may otherwise be attracted to Framingham. Town officials see the rezoning as critical to encouraging transit-oriented development.
Based on projections for three hypothetical parcels, the town estimates that new development could accrue up to $950,000 in additional commercial and residential property taxes for Framingham.
The proposed development at 266 Waverly Street by Mill Creek Residential will create 270 new units of multifamily housing for the MetroWest region and invest $73 million in Framingham.
The development at 75 Concord Street by Wood Partners will bring 197 units to the downtown and bring $60 million in new investment to the neighborhood.
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