While there’s no doubting that “The Old Grossman’s Lot” had a certain ring to it, National Development has named the soon-to-be-erected luxury senior housing buiding at the lower Washington Street site to the slightly more elegant Waterstone at Wellesley.

The retail and office building on the site, which will include a Newton-Wellesley Hospital ambulatory surgical center, will simply be called 25 Washington St.

“We are pleased to have a name that represents the quality community that we are creating in Wellesley,” said Ted Tye, Managing Partner of National Development, in a statement. “Waterstone at Wellesley will have striking views of the Charles River and we wanted a name that captures not only the river but also the name of our home town.”

Waterstone at Wellesley is being developed by National Development with Epoch Senior Living. The facility will include 138 rental apartments for seniors, plus a fitness center, pool, theater, restaurant-style dining and underground parking. Groundbreaking on the facility is slated to take place this month, with the grand opening projected for March 2012.

The Grossman’s sign went down in August, symbolizing the fresh start for the property.