Wynn Purchases GE Site on the Malden River

By Seth Daniel

The Wynn Boston Harbor company has purchased a 30-plus acre parcel on the Malden River – known as the former General Electric (GE) site – and will transfer 3 acres to the City for a park, while working within a planning process for developing the remainder of the parcel.

Wynn Boston Harbor confirmed the purchase this week and is excited to work with the City.

“Wynn Resorts supports the City’s vision of the former GE site to further advance the renaissance of Everett,” said Bob DeSalvio, Wynn Boston Harbor president. “We look forward to working with the City’s planners in helping to transform this now vacant lot into a more productive use.”

Mayor Carlo DeMaria reported the news this week, saying that Wynn has purchased the GE site and the City is engaging on a full planning process for the GE site – which is bounded by Madeleine English School, Babe Ruth Park, Air Force Road and the Malden River.

“Wynn does now own the GE site,” he said. “We’ve hired Redgate Real Estate Advisors to help us do some development planning down at the GE site. They are planning to help us with some ideas on how to develop that area…We want to get a pedestrian footbridge down there connecting us to Wellington Station. That change would really drive property values up off of the Main Street area…The pedestrian footbridge is key. That could drive a lot of development on our side.”

He said in addition to Wynn, there are other owners in the area wishing to redevelop. One of those developers is Greg Antonelli, who on Tuesday night received approvals from the Planning Board to build 46 new one-bedroom apartments at 120 Tremont St. – a stone’s throw from the GE site.

Other plans for that immediate area also exist – particularly along Tremont Street and near the existing and proposed Water’s Edge apartment buildings.

Councilor Michael McLaughlin – who represents the area – said his ward is changing by the day and has become a really hot commodity. He said he supports the purchase by Wynn. He noted that the parkland being donated by Wynn is to replace the Line Park on Lower Broadway that will be taken for the development of the casino traffic mitigation measures.

“I could not be more excited at Mr. Wynn buying the 30-plus acres of land on the old GE site in Ward 6,” he said. “They have got ideas for future development. They are also going to give the City 3 to 3.5 acres of the site for a park to replace the Line Park. That purchase will be a great positive for my area. They have great plans overall for what is a naked parcel that has sat vacant for decades if not longer…It’s only a blessing they purchased that land in my opinion.”

Mayor DeMaria said the entire area will be totally different in five years or so, and planning for the GE site with City Planners, the community and Redgate will be a valuable exercise right now.

“What’s happening with Night Shift, Short Path and Bone Up Brewery and the others there like Metro Rock and SkyZone; it’s become a hip place and we’re trying to get it more family friendly,” he said. “Soon, Sacramone Park will be done over down there too. It’s going to be a really nice area. In five to 10 years, it’s going to be totally transformed from what you see there now.”

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