The day that a mixed-commercial and residential development went before the Planning Board coincided with a 500-point surge in the Dow Jones average.

“We understand that it was on strong rumors this was going to be approved tonight,” joked Bill Tucker, a local attorney who represents the developer, Hawthorne Partners, based in Woburn, Mass.

Later that evening, on Monday, March 23, the plan for 160 age-restricted condos, an assisted- living facility, and a bank, pharmacy, restaurant and a medical office building on 38 acres behind the corner of Routes 101 and 114 indeed was approved by the Planning Board.

The development may not have much to do with Wall Street, but it is expected to stimulate the local economy in Bedford, creating new jobs and filling the coffers of the town with added tax revenue. The development, once completed, could generate almost $1.2 in property tax revenue for Bedford, according to E. J. Powers, a spokesman for Hawthorne Partners. That estimate is based on the 2007 tax rate.

The development fulfills town goals for economic growth, said Town Manager Russ Marcoux. “I think it’s a great project. It’s a mixed-use project that has been a long time in the making,” Marcoux said. “I’m very encouraged this project is moving forward.”

The development will sit on land Saint Anselm College is currently selling to Hawthorne Partners. The eastern side, next to Route 101, will be the business park. In the center will be an 84- unit assisted-living facility, and on the west will be 160 condos for owners 55 years and older — 88 units would be townhouses, leaving two three-story buildings each with 36 garden-style flats.

No deals have been reached for tenants for the bank, pharmacy, restaurant or coffee shop, according Dick Anagnost and Alex Vailas, local developers who will buy the site from Hawthorne and lease the buildings.

They said architectural concerns have been a factor in their negotiations with potential tenants.

A 45,000-square-foot medical office building will be filled with doctor practices.

The board gave Hawthorne Partners two years — double the normal time — to pull a building permit. A groundbreaking is expected for the middle of 2010, said Tucker. He is not sure when the project would be finished as the recession is having an impact.

“Tenants are reluctant to make commitments for leases until they know a project is for real,” he said.

The proposal was first presented to the board in 2007.

Since then, the architecture of the business buildings has been altered to make them more compatible with a traditional New England look, as had been sugested by the Planning Board.

The developer has also added sidewalks to the business park from Old Bedford Road and from the Bedford Springs office building at the corner of Routes 101 and 114.

A quarter of the condos must be affordable to households earning $61,120, which is 80 percent of the median area income, said Tucker. Much of the discussion at the March 23 meeting centered on services that will be available to the condo residents.

An agreement with Benchmark Assisted Living, which will build and run the assisted-living facility, said residents of the condominium could eat in its dining hall, if there is enough seating and enough of a demand for the service. An effort by Planning Board member Deb Sklar to make that service mandatory was defeated in a voice vote.

The board turned down a request for 24-hour operations in the commercial area, instead restricting them from 6 a.m. to 11 p.m. The limitation applies only to when businesses are open to the public, not when employees arrive or leave, board members said.

Anagnost said he had asked for the expanded hours to allow for flexibility in striking deals with tenants.

“It’s kind of cart and horse,” he said. “That’s why we were looking for the blanket on the other end.”

The board also asked the developers to add false windows to the pharmacy, which will be at the corner of Old Bedford Road and Route 101. Board member Harold Newberry suggested the building had a bland appearance.