Word: arsenals
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...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...
...Arsenal on the Charles contains 757,244 square feet and the University currently occupies 15.2% of the space,” Mary H. Power, senior director of community relations, writes in an e-mail to The Crimson. “The Arsenal is effectively fully leased [to commercial clients] and the University does not have any immediate or near term plans to locate other University departments [at the site...