Last week’s sale of the Watertown Mall property ended plans to create a life science campus on the north side of Arsenal Street, but the Charles River Regional Chamber said it remains bullish on prospects for that section of town.
On Oct. 21, the Boston Globe reported the sale of 550 Arsenal St., the 17.5 acre parcel that is home to the Watertown Mall, including stores such as Target and Best Buy. Alexandria Real Estate (ARE) had received approval to create a life science campus in 2023. The land sold to Newton-based National Development made up a majority of the campus.
The Charles River Chamber said it is “still optimistic” about the site. The following was in the Chamber’s daily newsletter from Oct. 24:
That’s for two reasons:
- First: While ARE sold the mall location itself (550 Arsenal Street), the company retains ownership of three buildings and a garage behind and adjacent to the mall.
- Second: ARE, the nation’s largest life science landlord, sold 550 Arsenal to Newton-based mixed use developer National Development. These two companies know each other well. They were and remain joint partners on the life-science conversion of the former Mount Auburn Club in Watertown, creating 99 Coolidge, which opened in 2023.
The Chamber also noted that the remaining parcels owned by Alexandria sit across the street from another Alexandria property: the Arsenal on the Charles (home to multiple companies, the Mosesian Center for the Arts, and Branch Line). This ” leaves the door open for a future joint project once economic conditions become favorable.”