An executed letter of intent between National Grid and developer Alex Bok pushes a proposed $50-million ballpark project in downtown Malden (Mass.) closer to reality.
A sterling lineup of politicos, including Rep. Ed Markey and Attorney General Martha Coakley, was on hand to commemorate the occasion yesterday. Bok, who has been working on a Boston-area ballpark development for several years, says the letter of intent means the development is on track for a 2015 opening. An independent Atlantic League team is expected to play in the new facility.
The ballpark would be located on a brownfield site in downtown Malden. National Grid will lease the land to the city, which will in turn sublease to Bok’s group. Bok’s group will pay $20 million over 40 years for the site.
“Today, we gather to sign what many consider to be a historic agreement for the city of Malden,” Mayor Gary Christenson said. “The distinguished group before you has been meeting, debating and negotiating for nearly a year to bring a 6500-seat baseball park to our city.”
RELATED STORES: Lease approved for proposed Malden ballpark; Lease issues delay Malden ballpark planning; Parcels eyed for new Malden ballpark; Malden ballpark plan on path for preliminary approval; New ballpark pitched in Malden; Archives: Sept. 3-9, 2006; Archives: March 5-11, 2006
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