Another lure is the history of the shipyard, built after the founding of the East Boston Trade Company in 1833 brought new industries to the waterfront. It was once the second-largest point of immigration in America, after Ellis Island. A large Italian community remains, joined by an influx of refugees and immigrants from Central America. More than 50 percent of the population speaks Spanish. The waterfront and harbor, scene of the historic Boston Tea Party, provides a rich context for artists exploring issues from migration to trade to rising sea levels. The Watershed will have free admission, with all information provided in English and Spanish.

But with the museum poised to bring thousands of new visitors to a once-isolated part of the city, some residents are anxious about the project’s impact on accelerating gentrification. “Two blocks down from the Watershed, you’ll see a new complex being built, which is not going to go to the middle-class and blue-collar workers,” said Dublas Vasquez, 19, whose aunt has been pushed out by rising rents. But the museum has been working with his school, he said, getting him and his friends excited about teen programs there.

Civic leaders, including Mayor Martin J. Walsh, are monitoring its potential impact as well. “We’re seeing more investment in East Boston, which we’re keeping an eye on because we’re concerned about displacement,” said Mayor Walsh, a Democrat. But he sees Watershed as a boon to the community.

“Arts and culture bring out everybody,” he said. “It’s for the people that are well off, it’s for the poorer folks, it’s for the middle class.”