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WAKEFIELD, MA-A Newton-based developer has teamed up with a privately held, full-service hotel company in Boston to acquire a 220-acre golf course and resort property on the Lynnfield and Wakefield border with plans to turn a portion of the site into a cutting-edge lifestyle retail center.

National Development of Newton and Pyramid Advisors of Boston acquired the 280-room Sheraton Colonial and an adjacent 18-hole golf course from an affiliate of Starwood Hotels and Resorts Worldwide for an undisclosed price. A broker familiar with the property said the transaction was worth more than $30 million.

Ted Tye, managing partner of National Development, tells GlobeSt.com that plans currently call for turning about 70 acres of the golf course property in Lynnfield into an upscale village-style retail and residential development. “It’s not often a 220-acre site directly on Route 128 opens up in the marketplace,” says Tye, noting that the partnership beat out about 15 other offers to win title to the property. “We really consider it to be one of the best development properties we’ve come across.”

Tye adds it is unclear what the partnership plans for the golf course, which will remain open until a development plan is finalized. “We are doing some planning and are in talks with the town,” he says, adding that construction on the 70-acre development could begin by late next year or early spring 2008. He said the 18-hole course may be downscaled to nine holes or revamped for another recreational use.

“We plan to maintain a significant portion of the green space on the property and to work closely with the community to develop New England’s best lifestyle center,” he says.

In addition to the hotel and golf course, the property also consists of a 55,000-sf Boston Sports Club. The new ownership group plans to continue the operation of the 10-story hotel, which will be managed by Pyramid, and the fitness center and will continue operations at the 18-hole golf course until a plan for the site is finalized.

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