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
Total SF: 536,792
Acquisition Price: $307,000,000
Developer: Spear Street Capital
99 Coolidge Ave (Mount Auburn Club)
Total SF: 255,000
Status: Under Review
Acquisition Price: $32,625,000
Developer: Alexandria Real Estate Equities and National Development
Sector: Housing, Retail, Office, and Hotel/Lodging
Total SF: 600,000+
Status: Under Construction
Developer: Boylston Properties, The Wilder Companies
85 Walnut Street
Total SF: 213,500
Acquisition Price: $46,125,500
Developer: Phase 3 Real Estate Partners
66 Galen Street
Total SF: 199,600
Acquisition Price: $7,000,000
Developer: Boston Development Group
202 Arsenal Street
Total SF: 88,572
Developer: Cresset Development
23 Elm Street
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.