The successful auction of a Riverside Street property could bring in close to $300,000 in revenue for the town.
After a marathon two-hour discussion concerning the fate of 124 Riverside St., the Town Council voted to put the property up for auction on recommendation of the town’s Committee on Economic Development.
The revenue of a successful auction on the house will bring the town approximately $60,000 in back taxes owed by the property’s previous owner, nearly $50,000 for the town’s housing improvement program and an estimated $200,000 to the Watertown Housing Community Partnership.

The nearly 100-year-old colonial style property has sat vacant on the corner of Riverside and Royal streets for close to 10 years, since its original owner died and left it for a now non-existent religious organization. The house has six rooms, three bedrooms and one bathroom.
The council set two priorities along with the sale of the property. First, approximately $50,000 of the revenue made in the sale will go toward home improvement projects. Second, a restriction was made on the future buyer, prohibiting the demolition of the structure for 30 years.
Initially, the council considered auctioning the property with no restrictions for the new owner, and setting $50,000 aside from the profit for town economic development initiatives.
But after much discussion, District B Councilor Jonathan Hecht said he felt uncomfortable allowing $50,000 to be appropriated for a general purpose such as economic development initiatives.
At-Large Town Councilor Stephen Corbett admitted the concept of $50,000 going to “economic development initiatives” was general, but explained the Town Council held final say over the ultimate appropriations of the funds.
In the end, an amendment was offered to appropriate the $50,000 to home improvement projects.

Posted: 02|17|06 at 10:26 am. Filed under: Property News.