Fifty-four years ago, developer David Zussman purchased a block of historic buildings in Newton Centre, set on revitalizing that part of the city as a shopping destination for generations to come.

He named it Piccadilly Square, after Piccadilly Circus in London, and it more than revitalized Newton Centre: It redefined it. Shops, restaurants and an MBTA stop have made Piccadilly Square an urban gem.

Now, the family business—Boston Development Group—is selling that gem, and the iconic Piccadilly Square is headed for a new era.

The Boston Globe recently reported that Jodie Zussman, David Zussman’s daughter, wants to retire and is selling many of the company’s properties, including those in Piccadilly Square.

The buildings are in the high-density Village Center Overlay District—the Village Center 3 zone, to be specific—so construction of up to 4.5 stories is allowed (5.5 stories if the developer participates in the city’s affordable housing bonus allowance).

It’s unclear what, if any, changes could come to the buildings, which already house some of Newton’s most popular businesses, including Baramour, SALT Patisserie, Sweet Tomatoes and Derby Farms.

The property now consists of about 40 businesses in five buildings and nearly 85,000 square feet of floor space.

Prime for progress

Piccadilly Square sits in a spot that city leaders have had their eyes on for development for more than a century.

“Historically, Newton Centre developed as a railroad suburb circa 1880 which reflects a town center development pattern with eye-catching architecture, walkability, mix of uses, and proximity to transit,” interim Planning Director Katie Whewell said.

When the MBTA Communities Act was passed into law and the city was working on a new vision for its village centers, progress toward that purpose was given more push.

“Newton Centre was identified as an area for the Village Center Overlay District to further explore its potential for mixed use development around transit,” Whewell continued.

The buildings going up for sale are VC3, she confirmed, and the streets around them are zoned for mixed-use development (commercial and housing), “incentivizing active uses by allowing restaurant, retail and similar uses by right while restricting passive uses at the ground level such as banks and micro fulfillment centers.”

Newton Economic Development Director Lauren Berman said the buildings up for sale will continue to shape the area’s economic vibrance. 

“Piccadilly Square has helped shape Newton Centre into a vibrant mixed-use district with shops, offices and destination dining,” Berman said. “We are excited about the future, and the opportunity for new investment that will build on the square’s strong legacy, and attract new businesses and energy to that part of Newton Centre.”

Greg Reibman, president of the Charles River Regional Chamber, noted how crucial Piccadilly Square has been as an economic engine for Newton Centre and the whole city.

”It’s walkable, it’s historic and it’s right on the Green Line,” Reibman said. “These five properties are a big part of what people think of when they think of Newton Centre.”

While there are already very successful businesses in the buildings, Reibman said there’s always room to expand a vision.

“Anyone who buys these properties is acquiring some excellent tenants and could very well want to maintain things just as they are today,” Reibman said. “However, there are probably some opportunities for updates, hopefully even some housing upstairs in two buildings that are only a single story.“

So, watch that space, and see how it grows over the next 54 years.