Local Developer Seeks to Build Indoor Recreational Center at Old Fine Factory

Local developer Bob DeNisco is looking to breathe some new life into the old L. Fine & Co. factory at 143 Lynnfield St.

According to a special permit application filed with the city, DeNisco has formed GM Fine LLC to purchase the vacant property, demolish and refurbish parts of the existing building and erect a new building on site that would be an indoor recreational facility.

The permit, which needs approval from the City Council, is specifically for the recreational use and to allow alteration to an existing non-conforming structure and the parking area. The refurbished building will be utilized for activities allowed by right in an Industrial Park zoning district, says DeNisco.

In addition to various types of industrial operations, those uses include restaurants without alcohol, churches, schools and daycare centers, colleges, offices for doctors or other professionals, business support services, health clubs, veterinary facilities, car sales or rentals and service stations.

Last May we asked readers what they would like to see happen with the Fine site and recreational uses were actually among the options suggested, so there may already be some neighborhood support for the proposal.

The council will receive the application Thursday and likely set up a public hearing before summer recess in July.

The factory, which has been vacant for years, is located just behind Craig's Pond, railroad tracks and the Newhall Crossing Plaza.

Redevelopment proposals have been floated around in the past, most notably one to convert the factory into residential condos, but that plan never came to fruition.

Remis Industries, which used to be next-door, was in similar straits until a few years ago when developer Sal Palumbo knocked down the building and created a new plaza.

The Fine factory, which has four buildings on the six-acre site, is accessed from Corwin Street. The first manufacturing facility was built in 1880, the second building went up in 1900 and two smaller buildings were added in 1925 and 1940.

According to city records, the Fine family sold the property in 2003 for $900,000 to Vaughn Station, LLC, which then sold it in 2007 for $1.35 million to Onnig Beurekjian, trustee of ANO Realty Trust. Beurekjian also owns the plaza at 145 Summit St.

DeNisco's application says he has entered into a Purchase and Sale agreement with Beurekjian, but it does not disclose what that amount is.

There were scant details outlined in DeNisco's special permit application, which was submitted by attorney John Keilty, but it does say there will be 271 parking spaces, 15 employees per shift and proposed business hours of 7 a.m. - 11 p.m. Monday to Saturday and 7 a.m. to 10 p.m. on Sunday.

DeNisco and Keilty would also need an order of conditions from the Conservation Commission, particularly regarding fill to create the parking spots and the plan would undergo Site Plan Review with the Planning Board.

DeNisco is a well known Peabody developer -- two of his more recent projects were the Latitudes Sports Club on Route 1 and the Maple Village Condominium complex on Aborn Street.