Waltham just went through its biggest zoning fight in years, and it's worth knowing what happened.
In July, Mayor Jeannette McCarthy vetoed mixed-use zoning for Bay Colony. That's the partly empty office property west of Winter Street, owned by BXP Inc. She pointed to transit access and traffic. In early August, the City Council overrode her. That cleared zoning for Bay Colony and two other spots, a Jones Road property and the old Polaroid campus. Add them up and you could see nearly 6,000 residential units at max buildout. The developers have committed to capping construction at 2,000 units across all three sites. The council's argument was simple: empty commercial lots shrink the tax base, and homeowners end up picking up the slack.
Then on October 6, the city took another step. Officials confirmed they plan to sell the Arthur J. Clark Government Center to a private developer for housing. City offices will move to a building the city recently bought on Main Street. Bids will weigh senior housing and family housing proposals equally. Offices will likely stay put for a couple more years while all that plays out.
If you're buying: expect more housing options in Waltham over the next several years. Probably a mix of market-rate and other unit types, mostly in and around the office-park corridors and downtown. More choices is good news for you.
If you're selling: this is a timing question. More supply is coming, but not tomorrow, and today's market isn't going to soften overnight. Still, it's a trend I'd keep an eye on, especially if you're deciding between selling now or waiting a few years.
Not sure which way to go? Reach out, and we'll look at your numbers together.
Ready to talk?
Nouné Karapetian, REALTOR®, Compass — 617.256.7097
Allen Babroudi, REALTOR®, Compass — 617.388.9601
📧 [email protected] | 🌐 nounek.com
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