Mark Development recently shared an update on several Newton projects. In a press release, the company stated that the four approved projects — Dunstan Residences (Dunstan East), Crafts Street – Elder Housing with Services, West Newton Square (314 Washington Street), and Riverside Station — are still moving forward. Mark Development explained that market conditions and continued rise in construction prices have been challenging. They said they are “incredibly appreciative of the support” they have had from Newton residents .
The update provided the following updates on two specific projects:
- Dunstan Residences (Dunstan East): Ownership will be transitioned to Garden Homes, a nationally recognized housing developer and community builder. The mixed-use project, approved in 2021 under the Chapter 40B Comprehensive Permitting process, includes at total of 292 residential units, of which 73 are affordable. It will have ground floor retail and public amenities.
- Riverside: Given the challenges currently facing the market for development of office and lab space, Mark Development is working with the Commonwealth to consider a development at the Riverside site that is housing-centric.
Mark Development CEO Robert Korff said: “As Newton residents, Damien [Chaviano] and I care deeply about the vision behind these projects, the important community needs they fulfill and the ability to bring them to fruition. Unfortunately, overall market factors are making that more complex. We are actively involved in identifying creative ways to bridge the financial gap created by increased costs of construction and financing and will continue to share updates as we have new information.”