Construction Begins on New Waltham Apartments

Developers and Waltham city officials on Wednesday officially broke ground on a new 200-unit luxury apartment complex on River Street.

Hines, the developer, started construction on the luxury apartments at the corner of River and Farwell Streets about three wks ago, according to Dave Perry, of Hines real estate firm. The first units will be completed by November 2014 and the project will be totally finished by April 2015, according to the Massachusetts Executive Office of Housing and Economic Development.

The complex will sit on the space previously used to store school buses. It is also the site of the former Raytheon facility. It borders Newton and Watertown. 

Perry, in remarks during the ceremony, said this was his company’s first project in Waltham. Hines took over the project from TC Saracen in February, Perry said.

As workers continued construction behind him, State Rep. Thomas Stanley, D-Waltham, told the crowd, “It’s going to be a beautiful site.”

When finished, the building will include a pool, a parking garage that connects the two apartment buildings and a fitness center, according to the EOHED.

Secretary of Housing and Economic Development Greg Bialecki touted the site saying it was an example of “smart growth” in which developers build on sites formerly home to other buildings instead of on open green spaces.

“People want to have a place close by to where they live, work and play,” Bialecki said of the “smart growth” trend.

Also, the Herald Bridge adjacent to the site is being rebuilt as part of the project and improvements are being made to the Charles River Walkway that borders it, according to Hines.