Developers planning to build a $50 million baseball park on an old National Grid gas plant site in Malden will pay about $20 million over the course of a 40-year lease with the utility provider, according to a copy of the agreement obtained by the Globe.
Mayor Gary Christenson, US Representative Ed Markey, Attorney General Martha Coakley, and Massachusetts National Grid president Marcy Reed celebrated the agreement at Malden Government Center Monday afternoon by signing Louisville Slugger bats.
Markey, a Democrat who has lived four streets over from the proposed development site on Commercial Street his entire life, has high hopes for the project.
“This is the best day for Malden in my 36 years of being a congressman for this city,” Markey said Monday. “This is a moment that is going to be the transformation of this city.”
Development Group Boston Baseball Field of Dreams LLC, led by lawyer Alexander Bok, plans to build a 6,372-seat park at 100 Commercial St. to host a team in the Atlantic League of Professional Baseball, a minor league that is not affiliated with Major League Baseball. The group is eyeing a grand opening in 2015, but obstacles remain before that can happen.
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