Kumo Capital is making significant progress on its mixed-use project at 40 Hollis Street in Downtown Framingham. Originally a combination of retail, office, and residential units, the project has undergone a transformation. Pending Planning Board approval, the project will feature sixteen new apartments and four retail spaces, following the conversion of the third floor into a third and fourth floor.
Among the 16 new apartments resulting from this expansion, 4 will be designated as affordable housing. In total, 25% of the property will be affordable housing, qualifying the project as entirely affordable for the city’s stock. The newly proposed plan aligns with the current market demands and optimizes the property’s use of space.
In order to accommodate the project’s needs during construction, Kumo has applied for special permits, seeking waivers related to parking and traffic during construction. It is proposed that parking spots will be leased from the City of Framingham in the nearby Hollis Court parking lot.
During its meeting on September 21st, the Framingham Planning Board looked favorably upon the project and its elements, opting to continue the discussion. They have scheduled to reconvene on Thursday, November 2nd to further deliberate Kumo’s proposed redesign of 40 Hollis Street.
The primary goal of this project is to create lasting value by enhancing the long-term worth of the property. Kumo has worked diligently to maximize the property’s operational efficiency and revitalize the surrounding area. Throughout the project’s development, the team has fostered strong relationships with the town of Framingham, setting the stage for continued success and collaboration in the region.
