Press Release: Closing of the River's Edge Development

Wayland Board of Selectmen

River’s Edge Closing

The Board of Selectmen is pleased to announce that the Town of Wayland and Alta at River’s Edge (Wood Partners) have closed on the property at 490 Boston Post Road, the site of the former Wayland-Sudbury Septage Facility.  The culmination of eight years of work, the sale of this property accomplishes a number of town financial, environmental and housing goals.  This will also aesthetically enhance the entrance to Wayland from the west.  Construction is slated to start immediately, with a phased opening of 218 rental units in 2022-2023.

Financial Benefits – With the combination of the building permit fee of approximately $829,000 and proceeds from the land sale agreement (net purchase price $1.8 million) the Town will stand to receive much needed revenue.  In addition the development is expected to generate approximately $1 million in tax revenues per year once completed.

Environmental Benefits – The project cleans up a contaminated and unsightly piece of property and will replace it with an energy efficient and environmentally friendly development that respects the adjacent Sudbury River by cleaning up a previously disturbed site without encroaching further.  Utilizing two separate state-funded Massworks grants ($2.4 million in 2017 and $2.2 million last fall), the Town improved the water line infrastructure along the Route 20 Wayland Center Corridor and plans to connect the Development to its already existing wastewater plant which benefits everyone while protecting the Sudbury River. 

Housing Benefits – River’s Edge substantially boosts Wayland’s affordable housing inventory. Because this is a 100% rental project, River’s Edge will provide new affordable and market rate housing options for a wide range of Wayland residents which will encourage diversity and create opportunities for new Wayland residents.

Other Community Benefits – The Alta at River’s Edge project will bring a carefully designed landscape along the Town’s western front door along Route 20, substantially improving Wayland’s aesthetic for residents and travelers. 

The Selectmen thank the voters for their support of this project.  We are also grateful to the state for recognizing the merits of this project and providing substantial support.

Board of Selectmen (with thanks to the River’s Edge Advisory Committee)