Word: cleanups
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Dates: during 2000-2009
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...think this has been a really positive redevelopment,” says Susan Falkoff, a Watertown city councilor who played a leading role in the cleanup effort. “There was a real commitment at all levels to getting this job done right, and that’s certainly not something you have everywhere...
...Though the Arsenal was once as large as 130 acres, the Pentagon had reduced the site significantly. In 1968, it sold 55 acres to Watertown, which the town redeveloped into the Arsenal Mall and neighboring park. Due to the complexity of the cleanup effort, the EPA split what remained of the site in 1988 into three parts, one of which was the Arsenal buildings that Harvard now owns...
...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...
...that Harvard and Watertown have reached an agreement concerning the lost tax revenue, community leaders are less concerned about Harvard’s future plans for the site. Instead, they emphasize that after 17 years of hard work, the massive environmental cleanup is finished, the redevelopment of the property has been paid for, and several new charities and cultural centers have been endowed in the process...