The full build-out will convert the current enclosed mall into a mixed-use complex with open air, storefront retail space and residential apartments above them in five new structures. The tallest building will be an approximately 130 feet high residential tower, while the other buildings will be between five and six stories high.

McQuillan says that 140 rental housing units will be part of the first phase. The remainder of the residential units will be developed in the second phase. Boylston and Wilder purchased the Arsenal Mall in August 2013 from Simon Property Group for $82 million. Another partner in the project is Jonathan Bush, co-founder of Athena Health, which owns the adjoining campus totaling approximately 650,000 square feet on Arsenal Street. The Wilder Cos. is a development partner and is also handling the management and leasing of the Arsenal Yards project.

The developer hopes that Watertown will grant its final major approval next week (Dec. 14)—a master plan special permit. On March 2, 2016, the Watertown Town Council & Planning Board approved new zoning that changed the east end of Arsenal Street zoning from a heavy industry to a Regional Mixed Use District that allows retail, residential and office space.

The redeveloped property at 485 Arsenal St. will feature about six “chef-driven restaurants,” a 30,000-square-foot specialty grocery, a premium wine “superstore,” a multiplex cinema with six to eight limited-seating screens, active entertainment, and a combination of boutiques and national retailers. Arsenal Yards will also feature Zipcar, EV chargers, and other “smart parking” technology.

McQuillan says the Arsenal Mall was “forlorn” and was in need of redevelopment. Arsenal Yards, he notes will bring the “vibrancy of the city and an urban energy” to Watertown's East End. “Arsenal Yards is an all-in-one neighborhood destination for active people looking for the perfect place to meet up with friends and neighbors, take in a movie, grab groceries, share a drink, meet for breakfast or lunch, or settle in for dinner,” McQuillan said. “After all, Watertown is where Cambridge and Boston come together.”

He adds that since Cambridge and Boston are such hot real estate markets, Watertown with its location at the crossroads of both markets and its proximity to the Charles River, should fuel significant retail and rental apartment demand.

Andrew T. LaGrega, principal at The Wilder Companies, described Arsenal Yards as simply a “game changer.”

“From the first announcement of our acquisition, retailers, restaurateurs, and theater owners have reached out to us, because they see a real opportunity in Watertown, with its proximity to Boston, Cambridge, and the suburbs,” LaGrega says.

Total development will reach more than 1 million square feet, including One Arsenal (to the east) and Harvard Vanguard medical offices (to the west). Home Depot and Golfsmith space occupy about 160,000 additional square feet at the Arsenal Yards location.

Demolition of the one-story portion (an addition) of the historic building will begin in the spring, with the first stores opening in the fall of 2018.

WATERTOWN, MA—A partnership led by Boylston Properties and The Wilder Companies are moving forward with a plan to redevelop the Arsenal Mall here into a mixed-use complex that will feature retail, entertainment, as well as residential and office space.

The more than $400-million two phased “Arsenal Yards” project could break ground in the late spring of 2017 and when fully built out will feature 350,000 square feet of retail and entertainment space, more than 500 apartments and 100,000 square feet of existing office space. The first phase should be open by the fall of 2018, with the second and final phase complete by the spring of 2020, Bill McQuillan, principal of Boylston Properties, tells Globest.com.

The plan for Arsenal Yards calls for the creation of 428 new market-rate residences and 75 affordable apartments. He says that most of the residential apartments will be rentals, but there could be some sold as condominiums.

The first phase will involve the rehabilitation of two historic buildings that represent approximately 225,000 square feet of space and the construction of two new structured garages that will feature 1,200 parking spaces and 65,000 square feet of retail space. In one of the garage structures, the Boylston-Wilder team will develop approximately 78 rental-housing units.

The full build-out will convert the current enclosed mall into a mixed-use complex with open air, storefront retail space and residential apartments above them in five new structures. The tallest building will be an approximately 130 feet high residential tower, while the other buildings will be between five and six stories high.

McQuillan says that 140 rental housing units will be part of the first phase. The remainder of the residential units will be developed in the second phase. Boylston and Wilder purchased the Arsenal Mall in August 2013 from Simon Property Group for $82 million. Another partner in the project is Jonathan Bush, co-founder of Athena Health, which owns the adjoining campus totaling approximately 650,000 square feet on Arsenal Street. The Wilder Cos. is a development partner and is also handling the management and leasing of the Arsenal Yards project.

The developer hopes that Watertown will grant its final major approval next week (Dec. 14)—a master plan special permit. On March 2, 2016, the Watertown Town Council & Planning Board approved new zoning that changed the east end of Arsenal Street zoning from a heavy industry to a Regional Mixed Use District that allows retail, residential and office space.

The redeveloped property at 485 Arsenal St. will feature about six “chef-driven restaurants,” a 30,000-square-foot specialty grocery, a premium wine “superstore,” a multiplex cinema with six to eight limited-seating screens, active entertainment, and a combination of boutiques and national retailers. Arsenal Yards will also feature Zipcar, EV chargers, and other “smart parking” technology.

McQuillan says the Arsenal Mall was “forlorn” and was in need of redevelopment. Arsenal Yards, he notes will bring the “vibrancy of the city and an urban energy” to Watertown's East End. “Arsenal Yards is an all-in-one neighborhood destination for active people looking for the perfect place to meet up with friends and neighbors, take in a movie, grab groceries, share a drink, meet for breakfast or lunch, or settle in for dinner,” McQuillan said. “After all, Watertown is where Cambridge and Boston come together.”

He adds that since Cambridge and Boston are such hot real estate markets, Watertown with its location at the crossroads of both markets and its proximity to the Charles River, should fuel significant retail and rental apartment demand.

Andrew T. LaGrega, principal at The Wilder Companies, described Arsenal Yards as simply a “game changer.”

“From the first announcement of our acquisition, retailers, restaurateurs, and theater owners have reached out to us, because they see a real opportunity in Watertown, with its proximity to Boston, Cambridge, and the suburbs,” LaGrega says.

Total development will reach more than 1 million square feet, including One Arsenal (to the east) and Harvard Vanguard medical offices (to the west). Home Depot and Golfsmith space occupy about 160,000 additional square feet at the Arsenal Yards location.

Demolition of the one-story portion (an addition) of the historic building will begin in the spring, with the first stores opening in the fall of 2018.