Residential development planned for Colonial Golf Course
Published on March 29th, 2006
WAKEFIELD/LYNNFIELD, MA - It has been learned that the Sheraton Colonial Hotel and the adjoining golf course is under agreement for sale to National Development of Newton for an undisclosed amount of money.
According to Lynnfield attorney Jay Kimball, who will be handling the zoning and permitting issues in that community, the buyer is in the "due diligence" phase of the sale at this time. However, the buyer and seller have come to an agreement in principal.
"I recently met with (Lynnfield Town Manager) Bill Gustav, Ted Tye (a partner in National Development) and the Lynnfield Planning Board in a process to see what the town would want on the property," Kimball said.
He noted that his clients operate in a manner of trying to work with local communities in their development plans. They look to see what a community wants rather than come in with a cookie cutter plan.
Although no plans are set in stone, it is believed that the hotel and the exercise facility will remain on the property. Other speculation calls for retail space to be located along the front of the property facing Route 128, from the hotel to the Walnut Street, Lynnfield end of the property. Residential housing might be built on what is now an 18 hole golf course.
Kimball said, "It is a tough property. There are a lot wetlands."
The site is over 200 aces of land. However, much of it borders the Reedy Meadow and is part of the watershed that feeds the Lynn drinking water system.
It has also been speculated that that state authorized 40B construction will be used for the residential plans. under the program a percentage of the housing has to be set aside for low and moderate income housing in a swap for easing up on zoning and conservation restrictions.
According to its website, "Since 1983, National has been well known for its master-planned office and industrial parks as well as for build-to-suit activities. These projects range from a 400-acre business park to individual corporate office buildings to a television station to complex manufacturing facilities to large scale retail projects and resident communities.
"Many are design-build projects completed on aggressive, fast track schedules. Our experience in developing more than twelve million square feet of space enables us to create projects that work for companies, employees, and communities."
In this area they have built housing developments in North Andover and Danvers. They have also built several shopping centers on the North Shore.
Wakefield Attorney Brian McGrail was retained earlier this week to represent the company on permitting issues in that community. He will be meeting with company officials next week.
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