Jim Davis, chairman of New Balance Athletic Shoe Inc., paid
$26.5 million for two properties next to
its Brighton headquarters, according to The Boston Herald. The company will use the land toward building a
proposed $235 million development off the Massachusetts Turnpike. The move
also reportedly puts an end to a controversial four-year effort by Lowe's to
build its first home improvement store in the area.
A year ago, New Balance presented its vision for the site that included office
buildings, a hotel, a movie theater, shops and a park. The plan also calls for a
new commuter rail station on the Worcester line at Everett Street and a new
exit off the turnpike at Market Street.
At the time, Davis
didn't own the 15 acres that would be required for the project. But
Marathon Realty Corp. in Newton, which owned the vacant Barry Controls
manufacturing plant, ended its agreement with Lowe's and sold the land to
Davis' newly formed New Brighton Landing LLC for $21.2 million, according to the Herald. Davis also
acquired the Massachusetts Electric Construction Co. site at 180 Guest St. for
$5.3 million.
The proposed Lowe's project faced opposition from neighbors
and local politicians due to traffic concerns and the chance that the new rail
station would not be built.
State Rep. Michael Moran, a Brighton Democrat, told the Herald that Davis has shown a willingness to work with the community. “I
believe Brighton's best partner is Jim Davis,” he said. “There is a willingness
among his team to work with us and whether that means donating land or money
and whatever is needed, he is willing to try to get to yes for the commuter on
the commuter rail stop.”
