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Northland Newton Set to Launch Phase 1 After Five-Decade Hold
Northland Investment has lined up $220 million in construction financing from JPMorgan Chase for the first phase of Northland Newton, a mixed-use development in its hometown of Newton, MA. The company has owned the 23-acre site for nearly 50 years.
The first phase will deliver “315 apartment units, in the historic Saco Pettee Mill and in two new buildings, along with a one-acre Village Green for the Newton community,” Northland said in a LinkedIn posting. In all, the updated plan approved last May by the Newton City Council calls for 822 housing units and 96,000 square feet of retail.
“Through dramatic shifts in the marketplace, rising construction costs and a global pandemic, we invested over $100 million in site and infrastructure improvements, as our commitment to this landmark development never wavered,” Larry Gottesdiener, Northland’s founder and chairman, said in a statement to the Boston Business Journal.
