Construction on $40-Million Alta at the Estate in Watertown to Start This Month, With Leasing Scheduled for March 2014
WATERTOWN, MA--(Marketwire - January 14, 2013) - Wood Partners has purchased 11.6 acres in this prosperous Boston suburb for a luxury community of 155 residences close to major employers, transit, shopping and the popular Charles River Reservation Greenway and Bike Path.
Construction on Alta at the Estate -- a $40 million development located at 255 Waltham St. -- is slated to begin this month, with leasing anticipated in March of 2014.
"We're thrilled to announce the start of a new apartment community in Watertown with high-end units and amenities at a fair price point with respect to our competition," said Adelaide Grady, director of the Boston office of Wood Partners. "We're certain the strong location -- near top employers and transportation -- will be a major draw for prospective tenants."
Alta at the Estate will consist of two four-story residential buildings, one two-story townhouse building and a clubhouse building. The architecture will reflect the area's New England heritage and Revolutionary-era history, with brick and clapboard facades and detailing, gables, dormer windows, varying eave lines, and two-story bay and double-hung windows.
This new development will offer 81 one-bedroom units, 73 two-bedroom units and one three-bedroom unit, for a total of 186,058 square feet of living area, with 256 parking spaces. All apartments will include vinyl plank wood flooring, granite countertops and stainless steel appliances in the kitchens and tile floors in the bathrooms. Master bedroom bathrooms will additionally feature cultured marble vanities and oversized tubs with tile surrounds.
The clubhouse will have a leasing office, clubroom, cyber-café and fitness center, private outdoor space with pool, built-in grills and patio areas.
Watertown is home to a mix of white- and blue-collar workers who enjoy a high quality of life. The median household income of $89,854 per year in 2011 was 39 percent higher than that of Massachusetts.
Proximity to major employment centers, including Boston, which is eight miles away, and Watertown's neighboring communities of Waltham and Cambridge, will be attractive to residents; employers include Bright Horizons, iProspect, Staples, EMC, Boston Scientific, Genzyme and educational institutions Harvard University and the Massachusetts Institute of Technology, both of which are less than a 20-minute drive.
Within walking distance of the property are two major attractions: the historic 45-acre Gore Estate, from which the development derives its name, and the Charles River Reservation greenway and bike path. The greenway and preservation area is renowned for its natural beauty, attracting birdwatchers, kayakers, boaters and hikers.
Neighborhood shopping includes BJ's Wholesale Club, Russo's Farmers Market, Stop & Shop Supermarket, CVS Pharmacy and Shaw's Supermarket. Other local shopping locations include Watertown Square and the Arsenal Mall area. An MBTA bus stop is across the street from the site, and Interstate-95 is minutes away.
Roy Papalia of Carpenter and Company brokered the sale by LIG-JCDS Realty Holding Company, LLC. The general contractor is WP East Builders - Watertown, LLC, with architecture by The Architectural Team, Inc.
According to calculations by the National Association of Home Builders (NAHB), construction of Alta at the Estate will boost economic activity in Watertown, generating an estimated $12.25 million in local income, $1.28 million in taxes and other revenue for local governments, and 189 local jobs. The additional, annually recurring impacts include $3.6 million in local income, $612,250 in taxes and other revenue for local governments, and 50 local jobs.
About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. In May 2012, it was ranked the nation's No. 1 multifamily developer with 3,750 unit starts. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the development of more than 40,000 homes with a combined value of more than $5.5 billion nationwide. Wood Partners has offices in 16 major markets nationwide including Atlanta, Baltimore, Boca Raton, Boston, Charlotte, Dallas, Denver, Houston, New York, Newport Beach, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. To learn more about Wood Partners, please visit our Web site at www.woodpartners.com.