North Reading developer buys Stow land for 141-unit adult community
Image | Courtesy of Town of Stow. Rendering by Hawk Design, Inc. of Boston
Landscape plans for The Cottages at Wandering Pond in Stow
An affiliate of Habitech Communities of North Reading purchased four parcels of land in Stow for $931,000 for a planned active adult development called The Cottages at Wandering Pond.
The sale of the 37-acre lot was completed on Jan. 31, according to the Middlesex South Registry of Deeds.
“The Cottages at Wandering Pond project is in its final stages of permitting,” Jake Parsons, SVN | Parsons Commercial Group senior advisor, said in a Feb. 7 announcement on the company's website. “This was the perfect location to develop an active adult neighborhood community due to its proximity to I-495, and the need for additional senior housing in Stow.”
Parsons represented the buyer in the transaction. The seller was EFMC Associates LP of Hudson.
The project is anticipated to be completed in six years, according to a plan submitted to the Town of Stow. It will include 21 affordable units.
Habitech Communities was cofounded in 1985 by Principal Bruce Wheeler. It has built communities throughout MetroWest and the Boston area, including a 96-home community called The Villages at Stow and a 114-unit neighborhood in Franklin called Villages at Oak Hill, according to the company’s website.
At 141 units, The Cottages at Wandering Pond would be the largest community the company has built to date, according to the company’s online portfolio of developments.
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