Watertown Council approves $9.3 million budget amendment to buy Starett Lumber site on Waltham Street

The Watertown City Council on March 11 voted to amend the fiscal year 2025 budget and authorize a $9.3 million transfer from free cash to purchase the property at 138–148 Waltham Street, the former Starett Lumber site.

City Manager George Proakis told the council the parcel previously had approvals for a lab building but is unlikely to be developed for that purpose in the near term. He said the administration signed a purchase-and-sale agreement and sought the free-cash transfer to complete the acquisition and to replenish a city reserve used for the deposit required under that agreement.

Proakis said staff plan short-term improvements aimed at relieving immediate neighborhood concerns and using part of the site for storage, while studying how the property fits into the city's capital priorities over the coming months. "We're going to be studying how it fits into a number of our different capital project priorities over the course of the coming months," Proakis said.

The amendment moved $9,300,000 from free cash (with $8.8 million to the acquisition-of-land fund and $500,000 to replenish the city council reserve, according to the manager's presentation) to complete the purchase and cover associated taxes and the deposit already paid.

The public hearing produced no comments, and the council approved the amendment by roll call. The council recorded a unanimous vote in favor.

The manager said staff will return with short-term plans and further information about potential longer-term capital uses for the parcel.

The vote authorizes the city to complete the purchase as described; no further land-use approvals or development plans were decided at the March 11 meeting.