Today, May 24 2023, a massive property on the south side changed hands. For a mere $2,500,000 payment, the property at 763 Waverly St changed hands from Robert & Gary Epstein and the Gary Realty Trust, to Stonegate Waverly Street 2023 LLC. The property is assessed by the city at a cool million under the purchase price at $1,432,100. The new owner expects to make a fortune off this site.
Stonegate Waverly Street 2023 LLC is a corporation formed in February 2023 by the Stonegate Corp of Natick, and managed by Sean McGrath, Constantine Calivas, and Richad Levin, and formed to acquire, improve, lease, maintain, and own…. property.
While we have no idea the plans for this site, like all acquisitions on the south side, we expect multiuse residential, incorporating underutilized retail space, layered with up to 6 floors of apartments.
The site itself is 2.8 acres, which is larger than some of the sites now hosting up to 400 units. All of Alta Union House fits on 1.9 acres, and Moderna is 3.05 acres.
UPDATE: It turns out that Stonegate purchased the back lot area (721 Waverly) in 2020 for $498,000 which offers the site an additional 3.2 acres.
Encompassing 6 acres in all… This will be a big one! We’re expecting a proposal of at least 700 units.
