On July 24th, the Wayland Board of Selectmen voted to enter into a Land Disposition Agreement with WP East Acquisitions, LLC to develop an 8.24 acre parcel located at 484-490 Boston Post Road. The project includes 188 new rental units, 25% of which will be affordable and a minimum of 25% which will be age- restricted.
The gross purchase price for the property is $8,098,550 which is reduced by the estimated cost of site work, resulting in a net purchase price of $1,500,000. Site work will include demolition of the Wayland / Sudbury septage facility, design and construction of an on-site package treatment plant, design and construction of a water line extension and necessary removal and remediation of on-site soils. Closing on the sale will take place 12 months after the date of the Land Disposition Agreement, with certain allowable extensions.
The Board’s action to sign the Agreement is the culmination of years of work by town volunteers to clean up and bring an under-performing town parcel onto the tax rolls and increase the Town’s affordable housing inventory. The project will bring the Town close to the 10% affordable housing threshold set by the state for all cities and towns.
