April
9,
2007
By Sean Leonard/The Daily Item
The owner of the former Beacon Chevrolet site has reportedly
reached an agreement to sell the property to Cleveland-based
Real Estate Development firm Forest City Enterprises.
James Cowdell, the former City Council president who is
now the director of the Lynn Economic Development and Industrial
Corp., said Monday that Forest City, a $9 billion publicly
traded firm, has entered a 90 day purchase and sales agreement
with John Granese, principle owner of the 12-acre Beacon
site.
The long-vacant site had been targeted
for development by The Miles Group, but when that project
fell through, Granese, who was part of that group, reportedly
bought out his partners, Michael Miles, John O’Brien
and Tom Costin.
“Granese is the one selling the property,” Cowdell
said, noting that Forest City proposes a development consistent
with the city’s Waterfront Master Plan; one or more
residential buildings with commercial space on the ground
level.
The Forest Group is also looking into the acquisition
of adjoining acreage, Cowdell said.
Simultaneously, Cowdell said the city is making progress
in talks with the state to secure funding for the relocation
of the South Harbor power lines.
With movement toward development on both ends of the Lynnway
waterfront, Cowdell said he’s confident the pieces
will fall into place to make the city’s vision for
its coastline a reality, with a string of new residential
and commercial buildings, ample green space, a boardwalk,
and even a ferry service to Boston (related story, Page
A5).
“The state office of Coastal Zone Management ultimately
has to approve any development plan, but Hal McGaughey
(Lynn’s community development director) and I have
met with Coastal Zone Management and they are on board
with our Master Plan.
“If all goes well, the power lines should be moved
within two years, and shovels should be in the ground (on
new housing/commercial developments) within three years,” Cowdell
added. “This is the gateway to the city and it (a
developed waterfront) will make a tremendous impact.
“There’s a lot going on in the city in terms
of development, but of all the projects I’m working
on, this is the grand slam. I have a lot of projects that
are singles and doubles, but this is definitely the grand
slam.”
Mayor Edward Clancy Jr. said he is encouraged by news
that the property is under agreement.
“It’s long overdue to get that site moving.
It has lain fallow for far too long,” Clancy said. “It’s
unfortunate that the local group wasn’t able to put
their plan together, but Forest City is a nationally known
firm that is able to make an investment here. Obviously,
and no pun intended, it’ll be a beacon for our harborfront.”
A message left for Granese seeking comment for this story
was not returned on Monday, nor was a call returned from
Forest City Enterprises.
Forest City’s Web site describes the company as
one “principally engaged in the ownership, development,
acquisition and management of premier commercial and residential
real estate throughout the United States. An NYSE-listed
real estate company (NYSE: FCEA and FCEB), based in Cleveland,
Ohio, its portfolio includes interests in retail centers,
apartment communities, office buildings and hotels throughout
the United States.”
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