Planning Board Grants Two-Year Extension for Stalled Pleasant Street Life Science Site

WATERTOWN -- June 10, 2026, Watertown Planning Board extends permit for stalled Russo site through November 2028, with mandatory check-ins. The board voted 5-0 at its June 10 meeting to grant a two-year special permit extension for 532-560 Pleasant Street, a long-vacant life science development site owned by Saracen Properties and Bentall Green Oak, who paid roughly $40 million for the parcels. Chris Roller of Saracen told the board the firm is studying 200-to-220-unit multifamily schemes and medical office alternatives, while retaining its life science approval as a fallback, adding that the extension "gives us more time and optionality to optimize the site." The board conditioned the grant on six-month progress check-ins beginning in December 2026 and continued upkeep of the property, as the firm prepares to demolish the existing Russo's building as soon as August. Planning Director Gideon Schreiber noted the site sits in a non-residential zoning subdistrict, meaning any multifamily pivot would require a full rezoning, a process board members called lengthy and uncertain but said they were open to exploring.