Image courtesy of Margulies Perruzzi
The third and largest development proposed in Watertown under MBTA Communities zoning would replace a cluster of commercial and residential buildings with 153 apartments.
The Triad Group proposes the project at 49-59 Mount Auburn St. near Watertown Square.
Watertown’s rezoning under the MBTA Communities act could spur construction of up to 4,000 housing units, according to the city’s estimates when the changes were approved in 2024. The plan allows 4- to 6-story multifamily housing by-right while reducing parking requirements.
The Triad Group acquired the Mount Auburn Street parcels in September 2022 for $12.9 million, according to data compiled by The Warren Group, publisher of Banker & Tradesman. They currently include small commercial and residential buildings including a Dunkin’ Donuts and M&T Bank and surface parking.
Designed by Margulies Perruzzi, the development would include a 15 percent affordable component, according to a community meeting presentation held Monday.
In September, two developers submitted plans to Watertown officials for a pair of projects at 108 Water St. and 33 Mount Auburn St. containing 52 and 40 units, respectively.
