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Weston residents have approved MBTA zoning guidelines and signed off on BXP to redevelop a parcel into a new residential community.
The changes voted in on Oct. 15 clear the way for the Boston-based REIT's 480-unit, multiphase project in Weston, Banker & Tradesman reported. The REIT owns an office property at 133 Boston Post Road in Weston, which sits in one of the newly approved zones that make up the town's MBTA Communities Law map.
The town approved a new zoning map Wednesday night that complies with the MBTA Communities Law and finalized zoning rules for BXP's proposed development. Town voters had rejected an initial MBTA Communities zoning proposal in December 2024.
BXP's proposal is broken down into three zones across the 74-acre parcel. One zone could have up to 100 townhomes, a second up to 280 rental units and the third up to 100 age-restricted units.
The site at 133 Boston Post Road is home to BXP's 350K SF office building known as Weston Corporate Center, which BXP developed in 2010. The office campus was home to Biogen until the company sought to sublease it in 2022.
BXP previously filed plans for a residential project on the site in 2017. The project consisted of 345 units, including 87 affordable units. The initial project was set to be developed under the state's 40B affordable housing law. It is unclear from reports why the initial project didn't move forward.
This marks the second multifamily project the office-focused REIT has pursued in connection to an MBTA Community Zone. In July, the developer broke ground on a 312-unit project at 17 Hartwell Ave. in Lexington.
Those plans will include a five-story development near downtown Lexington. BXP acquired the site for $21.8M in June as part of a joint venture with Northwestern Mutual.
The REIT has been targeting growth in its core markets including Boston and has been looking to expand its residential footprint nationally. BXP CEO Owen Thomas said that residential units may yield better returns than offices for some properties in the company's portfolio.
“We've taken a very sharp knife — or pencil, or whatever you want to say — to our land holdings, and we have been very discerning about what we think can be developed as office and what will be developed as residential,” Thomas said during a September conference call to investors.
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