Copyright MassLive
Despite previous plans to demolish the Watertown Mall in favor of new life science laboratory space, the mall will be sticking around for the foreseeable future. Newton-based National Development purchased the mall property at 550 Arsenal St. this month for $100.25 million, four years after lab developer Alexandria Real Estate Equities bought it, according to documents filed with the Middlesex County Registry of Deeds. Alexandria, based in California, paid $130 million for the 24.5-acre property in 2021, according to land records. The company had planned to convert it into more than 970,000 square feet of lab, retail, office and other commercial space across eight buildings, according to plans submitted to the city in 2023. However, no work had yet been done at the site. National Development Chief Investment Officer Andrew Gallinaro told the Boston Globe this week that the new owners would be keeping the mall as-is — at least for now. “We will continue to make improvements and operate it as a first-class shopping center,” Gallinaro told the newspaper. “It’s an extremely high-quality location and a great community. Over the longer term, there may be other avenues to explore. But for the time being, we’re very focused on operating as a first-class shopping center.” Watertown Mall is currently home to Target, Best Buy and a branch of the Registry of Motor Vehicles, among other, smaller tenants. Gallinaro told the Globe the mall is currently 96% leased. He said National Development does plan to upgrade storefronts and signage at the mall. National has developed more than 30 million square feet of property in Greater Boston and beyond, including retail, housing, office, lab, industrial and other projects, according to its website.
