X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WAKEFIELD, MA-A group of local activists have blocked the development of one of the last few remaining parcels of lakefront property here. The group raised over $1.2 million to develop a park on the site instead.

The activism of the community began when the Beal Companies, a Boston-based real estate firm bought an acre parcel on Lake Quannapowitt from the American Mutual Companies, after the insurance company went bankrupt twelve years ago. Beal wanted to build a building on the site but met with fierce opposition from local activists who formed a political group that began to negotiate with Beal over its plan for the shoreline site.

The group ultimately lost the fight, but they were ready when another lakefront property, around the corner from the Beal site, recently came on the market. Shorty’s Mexican Roadhouse Restaurants wanted to buy the site, but in a special town election–that was won by a slim margin–the town voted to purchase the site instead. The town had to use its eminent domain powers–that allows it to take over property from a public landowner in the public interest–which met with some local resistance.

The final price of the property is still being negotiated in the courts, but the town does own the property. State funds and private donations have enabled it to begin the process of developing the site into a park.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.