The 20-acre property transforms into an exciting new mixed-use development known as Arsenal Yards.We hear a lot of chatter about remaking old malls into something shiny and new, but it’s always better to hear that chatter when there are some actual plans in the works. That’s certainly the case for the old Arsenal Mall, located Just west of downtown Boston in Watertown on the picturesque Charles River. As the New England Real Estate Journal shares, a joint venture of Boylston Properties and The Wilder Companies is set to remake the 20-acre property into an exciting new mixed-use development known as Arsenal Yards.
Boylston and Wilder aim to create a dynamic all-in-one living, shopping, dining, and entertainment destination that will offer the much sought after urban vibe with the comfort of a suburb. Plans call for the property to be remade to include 325,000 square feet of retail space, 160,000 square feet of office space, a 150-room hotel, 425 residential units, and entertainment options including a movie theater.
“This new community in Watertown’s East End will bring the vibrancy of the city and an urban energy along with the convenience and warmth of a suburb,” said Bill McQuillan, Principal of Boylston Properties in a statement announcing the project. “We’ve worked with Watertown residents and officials to bring a unique constellation of uses with today’s busy families and individuals in mind. 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.”
Andrew T. LaGrega, Principal at The Wilder Companies, added that Arsenal Yards is a “game changer.” “From the first announcement of our acquisition, retailers, restauranteurs, 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.”
The partners acquired the property back in 2013. Groundbreaking is slated to happen this fall, with the retail and hotel scheduled to be completed in 2019, followed by the residences in 2020.
“Like Boston, Somerville, and Cambridge, Arsenal Yards’ exceptional location immediately inspired our vision for the property as a dynamic, connected destination,” adds McQuillan.
“Arsenal Yards will be an exciting, exceptional all-in-one destination to meet today’s customer’s high expectations with curated shops, a specialty grocer, chef-driven eateries, a premium wine store, boutique fitness studios and various entertainment offerings,” noted Wilder. “The opportunity to unite commerce, history entertainment, recreation, and social experiences at this property is incredible.”
It looks like Boylston and Wilder have a fantastic plan to remake an old mall, and it will be fascinating to see this project come to life.