Image courtesy of McGrath Realty
The former site of Lynn’s Porthole restaurant, proposed for a waterfront condominium development, has hit the market. Asking price: $20.5 million.
Landowner McGrath Realty has developed plans for an 80-unit luxury building on the Porthole site, with 156 parking spaces in a podium. Amenities in floorplans posted on the project website include a “pet care” area, a pool, a cinema and a “business center” in addition to plenty of decks with harbor views for the one-, two-, and three-bedroom condos.
“The proposed development we designed for Harbor98 is the perfect addition to Lynn Harbor,” Patrick McGrath, owner and founder of McGrath Realty, said in a statement. “After four years of working with the city of Lynn and the state of Mass. to get this project approved, working with the engineers and architects to come up with the plans, and razing the previous property, the timing is no longer right for me and my team to build this development, but we’re optimistic that we can find a developer who will be the perfect fit.”
Along with the 161,747-square-foot lot, minus the now-demolished restaurant building, and the proposed development plans, the sale of Harbor98 will also include all of the marketing collateral created by exclusive sales and marketing team, Winchester-based The Synergy Group.
It’s the latest in a string of luxury-oriented multifamily properties proposed or offered for sale along Lynn’s harbor after being approved in recent years. The former site of the Lynnway Flea Market, a mile from the former Porthole site, has been approved for over 500 apartments and offered for sale to developers. And developer Charles Patsios has also proposed 1,262 multifamily units as part of a $500 million project across the road from that.
McGrath Realty itself has developed some of the many multifamily developments that have gone up in and around Lynn’s commuter rail station in recent years, too, seeking to tap into the 20-minute train ride to downtown Boston and comparatively lower land prices in the largely working-class city.
