Downtown Watertown will see the development of a new multi-family housing project with 87 units.
These will be high-end units with a range of offerings from studio apartments to those with two bedrooms. The apartments will have select finishes such as stainless-steel appliances, granite countertops, and more. The courtyard area will have a swimming pool. Printing services are often hired to create Brochures and other materials with more details about such projects and their amenities. Construction costs are expected to be between $18 and $19 million.
Emily McFarland, mayor of Watertown, said that the agreement with the developer, who is Main Street Watertown LLC., will value the property at a minimum of $8.5 million so there will be a benefit from the tax base. The land will be provided by the city. The city will also provide a pay-go incentive of $3.3 million, which means that each year the developer pays its taxes, and the city will reimburse a portion of those taxes. This will last for a period of time as yet to be determined. The developer will also build the Riverwalk that is part of the property on S. Water Street.
Construction on the project is expected to begin in the spring of next year. McFarland said the work will take about a year with all the units rented by the fall of 2023.
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