Watertown Housing Projects Proposed Under New Rezoning Plan
Two multifamily projects in Watertown haver been proposed following the city's passage of a new zoning plan, part of the state's effort to spur denser development near transit.
WSQ Development and Eaglebrook Capital filed plans for a four-story, 52-unit apartment building at 108 Water St.. The site, home to an old office building, is currently owned by Fabro Realty LP.
A community meeting for WSQ and Eaglebrook's project is scheduled for Sept. 15 at 6 p.m.
The other project was filed by Torrington Properties, a five-story, 40-unit project on a vacant commercial lot at 33 Mount Auburn St. The site was last acquired in 2021 by Mt. Auburn St. LLC for nearly $2.3M, Banker & Tradesman reported. The proposal will also include 2,475 SF of ground-floor commercial space.
The projects were first reported in the Charles River Chamber of Commerce's newsletter, which said they are part of the city's "ambitious" Watertown Square placemaking plan.
The new zoning district complies with the state's MBTA Communities Law, which continues to spur new developments in the Boston suburbs.
Melrose has seen four MBTA Community projects move forward since the city approved its MBTA rezoning plan, the Boston Business Journal reported Tuesday. Two of the projects are under construction and total 134 units.
The other Melrose projects are a 36-unit project underway adjacent to Melrose Highlands station and a 27-unit project across the street from another transit stop in the city.
Developers have been on the hunt for new opportunities in these communities due to the new as-of-right zoning approved under the state law, which requires towns and cities with transit stops to create by-right multifamily zoning plans near them.
As of July 15, more than 4,000 housing units have begun construction or have been proposed because of the housing law.
"Developers have been telling us that they're seeing opportunities in certain municipalities that they never would have seen before," Jacob Love, Citizens' Housing & Planning Association general counsel for policy, told Bisnow in early August. "They're also saying that the bidding on buildable land has been extremely competitive."
