Word: arsenal
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Dates: during 2000-2009
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...cleanup took nearly 10 years and $100 million from the federal government. According to a Watertown Arsenal Development Corporation (WADC) report, this represented “one of the most expensive projects of its kind...
...cleanup approached its final stages, Watertown created the WADC in January 1997 to spearhead the redevelopment of the complex. After an extensive selection process, the corporation sold the Arsenal to O’Neill Properties, a developer based in King of Prussia, Pa. Because the site still needed a great deal of work, O’Neill paid only $24 million for the complex, making four separate $1 million contributions to Watertown charitable causes in addition to the $20 million purchase price...
...ARSENAL ON THE CHARLES
...nonprofit educational institution, the University is exempt from property taxes. Because Harvard’s acquisition of the Arsenal would remove the land from the tax rolls, Watertown faced the prospect of losing a substantial amount of revenue—one-third of its entire commercial tax base—from a site that it had spent a decade redeveloping...
...Currently the only Harvard-affiliated occupants of the Arsenal are the Harvard Business School Publishing Division and the Harvard Film Archive...