Wynn Boston Harbor Paying Top Dollar to Demolish Nearby Homes
Posted on: March 31, 2017, 02:00h.
Last updated on: March 31, 2017, 10:47h.
Wynn Boston Harbor in Everett, Massachusetts, is paying top dollar for homes and businesses that are impeding on the future location of its $2.4 billion casino resort that is currently under construction.
Set to open in 2019, Steve Wynn’s newest property has spent nearly $20 million on 10 parcels that are close to where the resort’s entrance will be located. And The Boston Globe is reporting that those fortunate enough to own the to-be-demolished properties are being handsomely rewarded.
Wynn Resorts is paying a large premium on the property’s assed values.
For instance, one home valued at $353,400 by local property assessors was sold to Wynn for a staggering $975,000. That selling price represents a 276 percent premium, not too shabby for an Everett homeowner.
Clear the Way
The 10 properties acquired by Wynn Boston are mainly located along a three-block area across Alford Street from where the majority of traffic will enter the resort. In addition to two former family residences, Wynn has bought and demolished a former used auto dealer and bar establishment.
According to the Globe report, six more properties that have been purchased are scheduled for demolition.
Wynn Boston Harbor isn’t technically in Boston, nor located on the harbor. The resort is actually north of the city across the Mystic River and is being constructed on land that was previously owned by a chemical company.
In a statement, Wynn Boston Harbor President Robert DeSalvio said, “We have a responsibility to invest in the overall success of our community. That means, in the short term, we will proceed with demolition and add landscaping to make the entry to our resort more spectacular.”
Construction on Schedule
When the Massachusetts Gaming Commission awarded Steve Wynn the gaming license for the Boston region in 2014, the billionaire expected the property to open for business in 2018 at a cost of $1.6 billion. That price has since ballooned by $800 million, as the path to gambling has been no easy task for the Vegas magnate.
After a contentious fight with nearby Somerville Mayor Joseph Curtatone over environmental and traffic concerns was resolved, Wynn Boston was challenged by the City of Revere over the state gaming agency’s licensing process. A lawsuit remains that challenges the validity of the casino permit on grounds that the commission failed to adhere to “open meetings” law and worked behind closed doors in approving the Everett proposal.
Mohegan Sun had submitted plans to place a $1.3 billion casino at the Suffolk Downs racetrack, but gaming regulators went with Wynn. Wynn officials say the lawsuit has no impact on its continuing construction, and the casino will open in June of 2019.
Massachusetts can still award another full-fledged gambling license for the southeastern part of the state. However, the commission has delayed any authorization as it monitors the legal outcome of the Mashpee Wampanoag tribe’s wishes to build a casino in Taunton.
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