Nearly four years after Newton’s then-Board of Aldermen approved turning a municipal parking lot on Austin Street into a mixed-use development, work is finally complete on the project, according to developers.
The city worked with Austin Street Partners, a joint venture between Oaktree Development and Dinosaur Capital Partners, to create 28 Austin, which has 68 apartments and 5,000 square feet of retail space. The Newtonville apartments include 23 affordable units and 45 market-rate units, according to city data.
Newton aldermen voted in December 2015 to approve the project, which was erected across the street from Star Market.
Residents began moving into the complex in September, according to a statement from developers Monday.
Monthly rents for 28 Austin’s market rate apartments range from $2,445 to $5,855, depending on the number of bedrooms, according to developers. Affordable one-bedroom apartments are $1,607 per month, while affordable two-bedroom units are $1,737 per month, according to developers.
A toy store, Henry Bear’s Park, will open for Christmas, the statement said, and a bakery and cafe, Caffé Nero, will open early next year.
Scott Oran, the principal of Austin Street Partners, greeted supporters during a grand opening ceremony held last month, according to the statement.
“Thank you for showing up, repeatedly and with conviction, for years and years in many cases, to make this building a reality,” Oran said, according to the statement. “If it takes a village to raise a child, it surely took a city to raise this building.”
Since the project was approved, city councilors have given the go-ahead to Washington Place, a 140-unit mixed-use development now under construction on the opposite side of the Massachusetts Turnpike on Washington Street.
Councilors are also considering separate proposals for projects at the Riverside MBTA station, as well as in Upper Falls at the corner of Needham and Oak streets.
John Hilliard can be reached at email@example.com.