WALTHAM, MA-Related Cos. plans to turn 119 acres of land here that now serves as the headquarters for the Polaroid Corp. into a $300-million to $400-million retail complex. A spokeswoman for Related in Boston says that company officials will begin looking at concepts for the site by early next year, once the firm's acquisition of the property is finalized. Last week,the New York City-based company signed an agreement to purchase the property--one of the few remaining developable sites on Route 128--for what industry insiders estimate was more than $80 million.
"It's going to be predominantly retail but we may look at some office as well," the spokeswoman says, adding that the new owners will be looking at "some new and exciting concepts." Although plans for the 1265 Main St. site are still in the preliminary stages, she adds that the firm expects to tear down Polaroid's 1.1-million sf building to make room for the new retail facility. The construction will take place once Polaroid moves out after its lease expires in December 2008.
The sale was the second for Polaroid since 2001 when it sold its 56-acre office and manufacturing complex, also in Waltham, for approximately $70 million in a joint venture deal between the Davis Cos. of Boston and Prudential Real Estate Investors. That agreement contained a provision allowing Polaroid to share in proceeds from any additional development on the site. Davis is currently building a $200-million office/research campus known as Reservoir Woods on that property. The complex is scheduled to open in mid-2006.
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