LEXINGTON, Mass. -Waltham Street Partners, LLC, a joint venture of three area developers, today announced the launch of a 30-unit luxury condominium project in the heart of Lexington, Mass., one of the most historic towns in the country.

As an example of 'smart growth' principles and green design, The Commons in Lexington Center at 50 Waltham St. has received all necessary approvals and permits from Lexington's Zoning Board of Appeal. The 30-unit project, which will include some retail on the ground floor, will replace The Battle Green Inn, a 90-room, outdated homely 1950s vintage motel, situated on prime village street frontage.

Waltham Street Partners is a joint venture of Oaktree Development, a Cambridge, Mass.-based real estate development firm that has developed over 2,000 residential units; Lexvest Partners, a Lexington, Mass.-based investment firm; and Waltham, Mass.-based Line Company Architects, which also serves as the architect for the project.

“After two-and-half-years of approval process, we're excited to launch this innovative project in historic Lexington, where American Revolution started,” said Gwendolen Noyes, a principal of Oaktree Development. “The Commons will be at the heart of this colonial town's village-scale commercial and office center. Our project invoked an extraordinary interest from the whole community whose citizenry are both engaged and protective of its town's heritage. The zoning 'innovation' of bringing housing back into the center of Town is actually a time-honored but 're-discovered' village form for US communities ”

This new building, which will be historically respectful and include street level retail and upscale 2nd, and 3rd floor (penthouse) condominiums, will bring more vitality, pedestrian activity, better retail, improved traffic conditions and economic benefits to the Town.

“The Commons in Lexington Center will be built with green design (LEED certification) and smart growth principles, which are very important aspects of the project,” added Arthur Klipfel, president of Oaktree Development.

The demolition of the hotel is scheduled to start next month, followed by the immediate construction of the new building. The condominium units are priced between $550,000 and more than $1 million.