A development of restaurant or retail space, 54 residential units, and 500 square feet of office space has been approved for renovations of the former St. Patrick’s School in Natick.
The Stonegate Group, a real estate development company in Natick, will be managing the project. Stonegate purchased the former school for $3.4m in 2015.
Banner printing is often used at such sites to inform the community of such new project and their benefits for the community.
The school was built in 1930, is 33,000 square feet in size, and sits on a one-acre lot.
The project will offer 25% of the units as affordable housing ,making the project 40B under a state law that mandates that 10% of the housing in a community be considered as affordable. The town will lease the office space in the building.
The Chair of the Board of Selectmen, Michael Hickey, said the town will benefit from this development in many ways. It will provide more options for housing and offer more for people to do in Natick Center. Its location is close to other shopping and to the commuter rail station in Natick Center.
Hickey added that this development will also be an architectural enhancement to an important gateway into the downtown area, and will add to the tax base.
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