A group of top Hub real estate developers and investors has purchased Route 128’s long-stalled Westwood Station development out of foreclosure, with plans to finish part of it by 2014.
“We think we’re kind of the ‘dream team’ of the development world, and we’re going to take a fresh look at the property and come up with something really exciting,” said Ted Tye of National Development/Charles River Realty Investors, one of the 130-acre parcel’s new owners.
National Development teamed up with New England Development, Eastern Real Estate and Clarion Partners to buy the Westwood property for an undisclosed sum.
An old industrial park adjacent to the MBTA’s Route 128 Station, the site offers excellent access to Route 128, Interstate 95 and public transportation.
Amtrak’s high-speed Acela trains and other rail services stop at the Route 128 station.
So does the MBTA’s Providence/Stoughton commuter-rail line, which runs to downtown Boston in one direction and Providence’s T.F. Green Airport in the other.
The station also has a massive 2,600-space parking garage.
Cabot, Cabot & Forbes led the original effort to redevelop the site, with National Development serving as one of the project’s builders.
However, Cabot’s original plan to build shops, offices and residences stalled as the economy and real estate market tanked.
Construction of Dedham’s nearby Legacy Place shopping mall also cut into Westwood Station’s viability.
As a result, the project’s new owners have decided to reopen the development’s original plans and make changes to fit current market conditions.
“We know it’ll be a mixed use development that will include some offices, some retail and some residential,” Tye said. “But we’re going to take a fresh look at the property to see how it all fits together.”
New England Development chief Stephen Karp said Target, Wegmans and other big retailers have already “expressed strong interest in this location, and we anticipate that they will be key components of this new development.”
Reflecting the project’s fresh start, the new developers have also decided to rechristen the project “University Station.”
The new name reflects the property’s location at the intersection of Route 128 and University Avenue.