Last month, the Corcoran Company penned a letter of intention to purchase the Weiss Farm and invest over $50 million into Stoneham.
The proposition would create 300 high-end apartments. “This is going to provide a nice housing in Stoneham for single professionals and empty nesters in Stoneham,” Margaret Murphy of the Corcoran Company said. “This would create several high end apartment community.”
Murphy said that 75 percent of the apartments would lease at market rate, while the other quarter would be rented to moderate-income families at reduced rents. Reduced rent apartments would target earners earning $46,000 to $72,000.
“Stoneham residents would be given first priority of 70 percent of the moderate-income apartments,” Murphy said. The market rate rents will range from $1,750 to $2,800 a month for professional singles or couples. The Corcoran Company will also look into ways to accommodate the traffic flow in the area as well.
“We’ve met with some of the neighbors and will meet with more to talk about plans and concerns,” Murphy said. “We haven’t filed any plans with the town yet. This is in the beginning phases.”