A flood of large, commercial developments are coming to Watertown

In 2020 and early 2021, headlines around the Greater Boston real estate industry have often cited Watertown as the destination of yet another major commercial real estate acquisition and development. The life sciences sector, which has 1,441,000 SF moving through the development pipeline in town, is driving this development boon and promises to bring thousands of new jobs and, likely, thousands of new residents to Watertown. Amazingly, $690,000,000+ worth of commercial real estate transactions has occurred since May of 2019! Neither of these statistics include the recently rumored deal with Alexandria Real Estate Equities for the purchase of the Watertown Mall. Stay tuned!

Since 1980, Watertown’s population has remained static between 30,000 and 35,000 residents. With all the new development in town, and the increasing prices in nearby Boston, it stands to reason that Watertown real estate is preparing to see some serious growth in the next decade.

In terms of residential development, Boylston Properties is leading the charge with their 300 units at Arsenal Yards. Another 275 units are moving through various development stages across 6 different projects. Of course, our own 28 unit project at 101 N. Beacon will bring dazzling new condos to Watertown Square which has not seen new “for sale” product in years! With that said, let’s take a closer look at the top developments and acquisitions leading the way in Watertown.

705 Mount Auburn Street

Sector: Office/Lab
Total SF: 536,792
Status: Approved
Acquisition Price: $307,000,000
Developer: Spear Street Capital

99 Coolidge Ave (Mount Auburn Club)

Sector: Office/Lab
Total SF: 255,000
Status: Under Review
Acquisition Price: $32,625,000
Developer: Alexandria Real Estate Equities and National Development

Arsenal Yards

Sector: Housing, Retail, Office, and Hotel/Lodging
Total SF: 600,000+
Status: Under Construction
Units: 300
Developer: Boylston Properties, The Wilder Companies

85 Walnut Street

Sector: Office/Lab
Total SF: 213,500
Status: Approved
Acquisition Price: $46,125,500
Developer: Phase 3 Real Estate Partners

66 Galen Street

Sector: Office/Lab
Total SF: 199,600
Status: Approved
Acquisition Price: $7,000,000
Developer: Boston Development Group

202 Arsenal Street

Sector: Office/Lab
Total SF: 88,572
Status: Approved
Developer: Cresset Development

23 Elm Street

Sector: Retail/Office/Lab
Total SF: 78,000
Status: Under Review
Acquisition Price: $7,250,000
Developer: The Triad Group

As proposals for developments of similar magnitude continue to appear, this list will evolve in the coming weeks and months.