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For Immediate Release
October 08, 2008
Contact:
Joy Martin, KGI Properties
(617) 357-9300
Beryl Wolfe
(207) 883-6083
E-mail: jmf@gidlp.com
Web Site: www.kgiproperties.com
Wayland Town Center Developer Gives Town First Financial Gifts Totaling $315,000
Issuance of building permit for highly anticipated project will trigger $3 million for variety of public improvements
WAYLAND, Mass. – The developer of the highly anticipated Wayland Town Center recently contributed $315,000 to the Town of Wayland as part of its pledge to provide a total financial gift in excess of $3 million to town coffers.
The developer, Twenty Wayland, LLC, is fulfilling its pledge under its development agreement to give the town a revenue boost even though the project is not yet allowed to begin construction, and in spite of an uncertain economy.
To date, the $315,000 paid to the Town will be used for the following:
- $35,000 to be used for the improvement, management and maintenance of Cow Common, the 65-acre, town-owned conservation land abutting the development.
- $50,000 to be used for the purchase and installation of a wireless municipal fire alarm system to serve buildings located in the Wayland Town Center and town-owned buildings, including public school buildings.
- $230,000 to be used to complete certain public improvements and for other valid public purposes that mitigate impacts of the Wayland Town Center project.
These initial funds, in an act of good faith by the developer, are irrevocable gifts given to the Town of Wayland. Under the agreement, the Town can use any portion of the $3 million gift for any public purposes.
The balance of Twenty Wayland’s $3 million financial gift will go to the Town within 90 days of issuance of the building permit for the project which cannot be issued until the developer has obtained the final permit from the town’s Conservation Commission.
A building permit also will trigger an additional $250,000 from the developer which the Town will have two years to acquire the necessary land and rights for the construction of the much desired bike path from Wayland’s historic district on Route 27 to the project on Route 20.
“We are committed to the Town and to being a good neighbor to Wayland residents,” said Anthony DeLuca of Twenty Wayland. “We never wanted this project to be a financial burden on the town, and these financial gifts are our way of ensuring that is not the case.”
Developers would like to break ground by December 2008, pending approval from the Conservation Commission, to remain on target to open by the 2009 holiday season.
Modeled after a traditional main street and town center with a mix of exclusive, specialty shops and offices, the Wayland Town Center is a development of Twenty Wayland, LLC, a partnership between KGI Properties (www.kgiproperties.com) and the Congress Group, both of Boston.
The Wayland Town Center will feature a new prototype of Shop & Stop as its anchor tenant and a pedestrian-friendly main street layout with high end shops, cafes, walkways, offices, condos and open spaces at the junction of Route 20 and Route 27.
The development will consist of 155,000 square feet of retail space, 10,000 square feet of office space and 100 residential units. The developer plans to incorporate New England village-style features such as clapboard, porches and gabled roofs. The overall cost of the project is estimated to be $140 million.
For more information on the development, visit the KGI website at www.kgiproperties.com, or the Town of Wayland’s website at www.wayland.ma.us.
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