Alexandria Real Estate Equities

Rumors of Sale of Watertown Mall to Life Science Developer

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The Watertown Mall — home to Target, the RMV and Best Buy — could soon be sold to a developer looking to create life science lab space, according to a Boston Globe article. The potential deal involved a sale by owners Rosen Associates Management Corp. to Alexandria Real Estate Equities, which also owns the Arsenal on the Charles and the former Mount Auburn Club. The sales price of the 18-acre-site on Arsenal Street is reportedly $125 million, according to the Globe. The property lies in the Regional Mixed Use District (RMUD) zone in East Watertown, which allows for taller buildings (up to five stories) and more dense development (75 percent building coverage) than most areas of town.

Business

New Owners of Arsenal on Charles Discussing Additions to Site at Community Meeting

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Building 1 is one of the new additions to the Arsenal on the Charles proposed to be built by the new owners. The following information was provided by Alexandria Real Estate Equities:

Please join Alexandria Real Estate Equities, Inc. (ARE) for a review and discussion on conceptual plans for the Arsenal on the Charles (AOTC) campus, which ARE purchased from Athena Arsenal, LLC in late 2019. The purpose of these meetings will be to present and discuss ARE’s proposed plans to redevelop AOTC into a collaborative and innovative campus including life science, office, retail, and community uses, as well as publicly accessible open spaces and streetscape improvements. Discussion will highlight the changes from Athena Arsenal LLC’s previously approved Campus Master Plan Special Permit and Site Plan Review (PB-2016-01) as well as conceptual designs for the new buildings and the associated public realm including pedestrian and bicycle connectivity tothe adjacent neighborhoods. (note: postings will be available online prior to the first meeting)

An overhead view of Arsenal on the Charles, showing the proposed new additions: Building 1, Building 2, the Connector and Site D.

We will be hosting two community information meetings: one on February 3rd, and the other on March 11th.