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Mixed-use project slated for Waltham

A developer is seeking approval from the Waltham City Council to demolish four largely vacant buildings at the intersection of Moody and Main streets in the center of town and build three five-story buildings with 269 residences, 392 parking spaces, and retail space at ground level.

The developer hopes the 340,000-square-foot project will be approved by this summer and completed by the fall of 2015.

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Lawyers for Newton-based Northland Investment Corp. delivered a presentation at Monday’s council meeting, outlining the plan to demolish 702 Main St., 716 Main St., 1 Moody St., and 55 Moody St. in order to build the three buildings.

Northland has owned the buildings since 2005 and was permitted to start a different development project in 2009. But the company decided to hold off, citing the poor economy and wanting to rework the design, said Michael Connors, an attorney for Northland.

Now, the company hopes to get approval from the city to build 38 more housing units than originally approved in 2009, Connors said.

Northland also needs permission to add retail shops on the first floor, decrease the number of drive-through lanes from seven to four, allow a parking entrance within 200 feet of a church, and allow certain loading docks on the site.

The proposal was referred to the council’s Ordinances and Rules Committee.

Connors said he hopes the council will sign off on the project by early summer so construction could start this year with an August 2015 completion date.

The buildings to be torn down, which have held only commercial tenants, are vacant except for a branch of Sovereign Bank at 1 Moody St. and a branch of Citizens Bank at 716 Main St.

Connors said demolition would be done in phases so that the two banks would have temporary spaces during construction. The banks could then relocate to the completed project.

Connors said it was too early to pinpoint what type of stores would go in the commercial space.

“Technically one or two big tenants could take the remaining space, but hopefully there will be several smaller shops so there are different retail choices,” he said.

The development is on the agenda for the committee’s next scheduled meeting on Monday.

Jaclyn Reiss can be reached at jaclyn.reiss@globe.com.
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