Chapter 40R: What is it, how does it work and what are the benefits. The Town of Wellesley’s consideration of a major office park redevelopment: Come tour the area and hear from Town officials and representatives of the developer, John Hancock Life Insurance Co., about a proposal to redevelop a 26 acre existing office park. Chapter 40R seeks to substantially increase the supply of housing and decrease its cost, by increasing the amount of land zoned for dense housing. It targets the shortfall in housing for low- and moderate-income households, by requiring the inclusion of affordable units in most private projects. Redevelopment of the property, which currently consists entirely of office buildings, would include the replacement of much of the existing office uses with a variety of uses, likely to include housing, retail, and other amenities. To allow for the proposed redevelopment, John Hancock Real Estate has proposed the establishment of a 40R District; a zoning tool that allows property within the overlay zoning district to be developed with a mix of uses provided that a minimum quantity of affordable housing is provided as part of that redevelopment. In addition to substantial state financial contributions , the project would satisfy the Town’s 10% affordable housing requirement that would forestall future 40B proposals.
This (morning) Meeting is free and will include a continental breakfast with time to network and catch up with your peers. We expect the tour to finish around noon.
We will meet at the Wellesley Public Library, 530 Washington Street at 9:30 for the presentation and head over to the office park for the tour afterwards.
525 Washington Street, Wellesley, MA 02482
Phone: +1 (781) 489-7511