RIVERFRONT DEVELOPMENT OPPORTUNITY

650 Water Street, Fitchburg, MA 01420

Property Information

  • For Sale Contact for pricing
  • Property Type VacantLand
  • Lot Size 14.96 Acre
  • Date Updated Jul 3, 2026

Description

DEVELOPMENT OVERVIEW
Planned Multifamily Expansion
•    Two (2) Multi-Family buildings
•    Total Planned Units: 156 apartments
Existing Community Context
•    Part of larger 26+ acre Arden Mills redevelopment
•    Existing Phase I condominium community completed with 204 residential units
Site Characteristics
•    ±14.96 Acres
•    River frontage and wooded setting
•    Direct access from established community roadway system
•    Existing utility and infrastructure framework nearby


MARKET FUNDAMENTALS
The Fitchburg / Leominster market continues to
experience:
•    Strong demand for rental housing
•    Limited affordability for homeownership
•    Constrained housing inventory
•    Continued workforce housing need
These conditions support long-term rental demand and absorption potential.


Why This Opportunity Stands Out
•    Prior entitlement and development groundwork completed
•    Significant upside between land basis and stabilized value
•    Potential flexibility for:
1.Sale
2.Joint Venture
3.Recapitalization
4.Phased Development
Ideal Buyer Profile
•    Multifamily developers
•    Value-add / opportunistic investors
•    Senior living operators
•    Groups seeking partially entitled development opportunities
 

Contacts

Location

Located at 650 Water Street, Fitchburg, MA 01420, this property is part of the South Fitchburg neighborhood.

  • 54/100 Somewhat Walkable
  • 35/100 Some Transit
  • 30/100 Somewhat Bikeable
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