In the heart of Watertown, MA the five-story, 190,000-square-foot mixed-use building is expected to begin operation in 2026.
NEW YORK, Nov. 20, 2024 /PRNewswire/ — O’Connor Group of New York today announced the launch of Elysian Watertown Square Residential Property Owner, LLC, a joint venture of O’Connor Group (“O’Connor”), FrontRange Capital Partners (“FrontRange Capital”), and Takenaka Corporation (“Takenaka”). This 142-unit development at 53 Pleasant Street, Watertown, MA, will include a thoughtful mix of residential and retail space along vibrant Main Street.
Upon completion, the development will deliver 190,000 square feet of rental units, 15% of which will be allocated for households making 65-80% of the median income. The project will also include the renovation of a historic row house built in 1890, an undertaking that will convert the property into five for-sale condominium townhouse units with one set aside for affordable home ownership.
“We are thrilled to be bringing new market rate and affordable housing to a Main Street location like this in Watertown Square. With the help of our elected officials, town planning staff, and a first rate team of professionals we have designed a building in The Elysian at Watertown Square that we think will serve both new and existing Watertown residents for years to come – all in a fully sustainable program which sets the standard for new development in the area. With the help of great partners like Takenaka, FrontRange Capital, and Sumitomo, this type of housing development is a cornerstone of O’Connor’s future growth initiatives,” said John F. O’Connor of the O’Connor Group.
Developed to the highest sustainability standards, the property will be Passive House certified. The all-electric building will feature rooftop solar panels, structured parking with EV charging stations, and a transportation management plan to promote alternative options. Incorporating the resident-first experience created at Elysian at Stonefield, Elysian Watertown Square will offer a hotel-style lobby, a drop-off court with a porte-cochère entrance, meeting rooms, a clubroom, a coworking area, a state-of-the-art gym, a pet care spa, bike storage, and two rooftop terraces. The property will also include an art walk connecting Main Street to both Pleasant Street and The Charles River Walk.
“FrontRange Capital is very excited to partner with the O’Connor Group on another compelling development opportunity. Over the Company’s 40-year history, O’Connor has proven its ability to identify and capitalize attractive investments across the real estate spectrum. Elysian Watertown Square is another great example of their long-standing development track record, and we couldn’t be more pleased to be a part of this exciting project,” said Christopher Davis, Managing Principal of FrontRange Capital.
The five-story building is designed by ICON Architecture to embrace the aesthetic of Watertown through the inspiration of design elements inspired by the surrounding buildings. The Main Street side will include 6,500 square feet of retail space for a future restaurant and service-oriented retail. Additionally, O’Connor Group will work with the local art community to establish public art installations along the art walk where there is a boutique office/gallery space.
Elysian Watertown Square will be built by Dellbrook|JKS. Headquartered in Quincy, MA, the firm boasts more than 20 years of experience in the construction of residential buildings, including projects with Passive House construction standards. Construction of the project is expected to be complete in the Summer of 2026.
“The City’s recently adopted plan for Watertown Square recommended more housing to make the Square a lively destination and support our small businesses. The 104 Main Street development will bring more people into the Square and help us achieve the plan’s vision,” said Watertown city manager George Proakis.
About O’Connor Group
O’Connor Group is a real estate development and investment company based in New York City. Founded in 1983 the company has been involved in the development of approximately 20,000 units over its 40-plus-year history. Alongside Elysian Watertown Square Residential Property Owner, LLC, O’Connor Group develops and invests in residential, retail, industrial and boutique office sectors. With a proven track record in developing quality projects throughout the United States and Mexico. For more information, please visit oconnorcp.com.
About FrontRange Capital
FrontRange Capital is a real estate private equity firm specializing in strategic partnerships with leading middle-market real estate companies. FrontRange provides both the capital and operational expertise for management teams to further institutionalize their businesses and execute their growth plans. The firm strives to serve its investors by being a partner of choice for real estate owners and operators, with investment opportunities and financial terms that reflect the value brought to each relationship. For more information, please visit frontrangecap.com.
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SOURCE O’Connor Group
