Search
 

Harvard Confirms Interest in Arsenal Site, Local Officials Fear Loss of Tax Revenue

WATERTOWN, MA-Harvard University confirms that it is interested in acquiring the Arsenal on the Charles River here. Local officials are concerned that it could lose significant tax revenue if the university converts the 30-acre office complex into a campus.

By Naomi Grossman | Updated on February 28, 2001

WATERTOWN, MA-Harvard University confirms that it is interested in acquiring the Arsenal on the Charles River here. The owner of the site is PA-based O’Neill Properties, which bought the 30-acre site from the town in 1998 for $24 million.

“We have been advised that Harvard University is in negotiations with O’Neill Properties,” Mark Boyle, director of community development and planning for Watertown, tells GlobeSt.com.

The Arsenal was once part of the US army before O’Neill developed it into a business complex. Harvard Business School Publishing leases 112,000 sf here and in its contract, the university is given first rights of refusal on the property.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.