Lowe’s loses site to shoe company in Boston
Lowe’s four-year effort to locate a home improvement store in Boston’s Brighton area suffered a big setback when its preferred site was purchased by New Balance Athletic Shoe, according to an article in the Boston Herald.
The Lowe’s project, to be built in an area called “the Hub,” had long faced community opposition because of potential noise and traffic. Last year, New Balance chairman Jim Davis, whose headquarters are next to the site, presented the community and the city council with a plan for a $235 million mixed-use development with a new commuter rail station.
Marathon Realty Corp. in Newton, which owned the vacant land, ended its agreement with Lowe's and sold the 15-acre land to Davis’ newly formed New Brighton Landing LLC for $21.2 million. Davis also picked up another adjacent site for $5.3 million.
Both city and state official have thrown their support toward the mixed-use project, according to the article.
A Lowe’s spokesperson expressed disappointment but said the company would continue to scout the area for potential sites.