Toll Brothers has officially taken possession of the municipal parking lot that it purchased from the town of Belmont, Mass., for $1.335 million. The builder will close the parking lot within the next few days, and in its place construct a 167,000-square-foot mixed-use project across three buildings.
When complete, the Cushing Village development will include approximately 38,000 square feet of commercial space, 60 two-bedroom units, and 55 one-bedroom unit. The development will provide 225 parking spaces, including 50 municipal spots.
Toll Brothers acquired the Cushing Village project, which had been planned for over two years, from Smith Legacy Partners in March. Toll plans to put out a press release with further construction details, according to David Kale, Belmont’s town administrator.