Beacon Communities to Develop Affordable Housing at Former Bank Site in West Newton
Beacon Communities, a Boston-based real estate firm, plans to purchase the former Santander Bank property in West Newton, Massachusetts, from Mark Development. The firm intends to convert the site into retail space and 100% affordable housing. The historic bank building, dating back to 1915, will be preserved and integrated into the new development, which will include a mix of studio, two-bedroom, and three-bedroom apartments. The project aims to address the significant affordability gap in Newton's housing market, which is characterized by high rent levels and low vacancy rates.