Image courtesy of Bargmann Hendrie + Archetype
A Hyde Park property approved for construction of a 247-unit apartment complex has been sold to a Connecticut developer that specializes in urban infill projects.
Commonwealth Development Partners of Stamford paid $12.6 million for the 36-40 Sprague St. site, which is approved for 386,185 square feet of development in a pair of 6-story buildings near the MBTA’s Readville commuter rail station.
The seller, Boston-based Noannet Group, received Boston Planning & Development Agency approval in 2019 for the two-building development project at the 3.9-acre industrial site. At the time, development costs were estimated at $75 million, according to BPDA documents.
Designed by Bargmann Hendrie + Archetype, the development would include residential units with individual entrances and a resident courtyard with pavilion.
Commonwealth Development Partners did not return a message seeking information on whether it will propose any changes to the four-year-old plan.
According to its web site, the firm specializes in urban infill and redevelopment opportunities in markets including Boston, New York, Pittsburgh and Philadelphia.
Noannet Group acquired the site in 2015 for $2.75 million and originally proposed a 521-unit housing development, before reducing the size following community opposition.
The project is located just south of another stalled housing project, the 273-unit Residences at Readville Station, which is scheduled to be auctioned today.
