Crosspoint Associates broke ground in late June on a new mixed-used development at the former TripAdvisor site on Needham Street called Newton Nexus.
Newton Nexus will transform three vacant office buildings into a 143,000 square foot community-oriented retail destination, including a grocery store, restaurants and apparel offerings, the company announced.
Boston Ski & Tennis, who have an already established presence on Needham Street, have confirmed their relocation and expansion at Newton Nexus and will be one of the first stores to open this fall.
Jonathan Hueber, Crosspoint’s Director of Acquisitions and Leasing said the project is now almost 75 percent leased and will be announcing several tenants shortly, while the company looks for the right retailers and restaurants to finish the mix.
At the June 29 ground breaking, Newton Mayor Setti Warren praised Crosspoint for bringing amenities to residents and employees working in the N2 Innovation Corridor, while also “strengthening the commercial tax base, all while improving the character of this area.”
Crosspoint’s Director of Development, Kerry McCormack announced at the groundbreaking a $10,000 donation to the City of Newton to assist in the conservation of the surrounding land in support of the Upper Falls Greenway, the recently-completed rail trail which runs parallel to Needham Street.
“I’ve been truly impressed by Crosspoint as a developer with an environmental consciousness who both exhibit an unusual understanding of the importance of careful environmental stewardship and willingly incorporate high quality and state-of-the-art environmental features.” said Newton City Councilor Crossley, while accepting the donation. “I think this project can be transformative for Needham Street.”
Crosspoint has worked in close collaboration with the City of Newton, as well as BayNorth Capital who is the development partner of Crosspoint. The project is being financed by Eastern Bank and Washington Trust.
The full Newton Nexus project is expected to open Summer 2017.