Redevelopment of Revere’s former Wonderland greyhound racetrack property could be around the corner with the selection of a brokerage to market the 34-acre site.
Newmark Knight Frank is seeking buyers for the property, which has been the subject of speculation about its future ever since the racetrack closed in 2010 when Massachusetts voters banned dog racing. A call for offers is scheduled for mid-September, The Boston Globe reported.
The designation of the property within a federal Opportunity Zone is likely to intensify interest in the property, which has nearby transit access at the MBTA’s Wonderland station on the Blue Line.
Development near the Revere waterfront has rebounded in recent years with apartment complexes across from Revere Beach and the continuing buildout of the 1.3 million-square-foot Waterfront Square mixed-use project next to Wonderland station.
Another landmark Revere property, the former Necco candy factory, was acquired by Framingham-based Atlantic Management in 2017 for $54.6 million. The property received $115 million in financing for capital improvements in January, and is being marketed to industrial and R&D users.
While the bulk of recent development has consisted of apartment and condo complexes, Revere officials have sought to establish a new commercial cluster in the neighborhood attracting life science, robotics and office tenants.
