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Watertown Development Company pitches real‑estate risk-taking, workforce and housing focus to council
Summary
The Watertown Development Company told the council it has been acting as a public‑private risk taker on downtown redevelopment and housing and urged closer, earlier communication with city leadership about projects and incentives.
Steve Lehner, chairman of the Watertown Development Company (WDC) board, and Chris Clifton, WDC executive director, briefed the council on April 7, 2025 about the organization’s recent investments and priorities under its 2024–2028 Grow Watertown 2 plan.
WDC said it has taken on real‑estate and housing projects the private market would not, including renovating downtown retail properties at below‑market rents to fill vacancies and backing several downtown residential conversions. The organization manages roughly $32 million in assets and said its work has helped backfill vacant buildings and support job retention and expansion.
“We do this in a spirit of taking chances on opportunities that grow jobs, increase productivity, and elevate the quality of life here in Watertown,” Lehner told the council.
Clifton described WDC’s role as a risk‑taker that must now pivot from owning long‑term real property toward selling assets and incentivizing private landlords to invest at market rates. He said WDC currently…
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