McGrath Realty to Sell Former Porthole Restaurant Site as Development Opportunity
Updated: Oct 26, 2022
August 24, 2022
Lynn, MA – McGrath Realty has announced that the former location of the beloved Porthole Restaurant is for sale, to be sold with the approvals for a market rate development opportunity. The proposed mixed-use condominium project, branded and marketed by The Synergy Group as Harbor98, would consist of 80 luxury units, 156 parking spaces, a cinema and business center. The one, two, and three bedroom luxury condos would feature private balconies with ocean views.
Located between Seaport Landing Marina and Volunteer Yacht Club in Lynn Harbor, Harbor98 would be a key addition to this newly developed and highly desirable neighborhood in Lynn. This waterfront property is located less than 10 miles from Boston and Logan airport, minutes from Route 1, and less than a mile from The Lynn MBTA Station, as well as multiple bus stops. Harbor98 is also just minutes from the local beaches (Nahant, Long, and Lynn Beach), Lynn Heritage State Park, North Shore Community College, Lynn Vocational Technical Institution, and the brand new Lynn YMCA branch.
“The proposed development we designed for Harbor98 is the perfect addition to Lynn Harbor,” says Patrick McGrath, owner and founder of McGrath Realty. “After four years of working with the city of Lynn and the state of Mass. to get this project approved, working with the engineers and architects to come up with the plans, and razing the previous property, the timing is no longer right for me and my team to build this development, but we’re optimistic that we can find a developer who will be the perfect fit.”
Along with the 161,747 square foot lot and to be approved development plans, the sale of Harbor98 will also include all of the marketing collateral created by exclusive sales and marketing team, The Synergy Group. Based in Winchester MA, The Synergy Group is a full-service real estate brokerage who specialize in the sale and marketing of new construction, residential and large-scale commercial real estate.
“Harbor98 is the full package,” says Paul Cirignano, Founder and Broker/Owner of The Synergy Group. “Not only do buyers have the opportunity to build/invest in an incredible development, but they already have a leg up with the approvals, the architectural plans, and a full marketing package complete with logos, a color palette, the website domain, full access to the google business account, and more.” Previous to the announcement by McGrath Realty to sell the project, The Synergy Group had been working on pre-marketing the units to potential buyers who were able to pre-register for information on the available units. The next owner will have access to this valuable list of buyers.
McGrath Realty is an intricate part of the Lynn community and has been one of the key factors in rejuvenating and enhancing the city. This past March, McGrath Realty and The Synergy Group worked together to market and sell Cove164, the newly constructed, 72-unit apartment complex in Lynn, for $24 million. Cove164 was developed by McGrath Realty, and The Synergy Group procured the buyer, a joint venture of The Dolben Company and MINCO Development.
About The Synergy Group
The Synergy Group is a unique hybrid residential/commercial real estate firm with over 35 years of experience serving the Greater Boston area. On the residential side, Synergy brings a deep understanding of the local towns, cities, and neighborhoods they serve, ready to skillfully guide clients every step of the way in buying and selling homes and condominiums. The Synergy Group is also highly regarded by many local builders and developers for their expertise in marketing and selling luxury new construction and multi-unit developments from 1 to over 100 units, assisting in the process from acquisition and pro-forma analytics, through sales, marketing, and post-sale management.
With over 40 years in business, McGrath Realty has taken great pride in delivering consistent high quality, dependable work. As a family run company, they have earned the reputation as one of the region’s top companies in all of its services including new construction, excavation, demolition, water and sewer, concrete work and more. McGrath Realty is licensed and insured to serve all commercial, municipal and residential customers and provide a highly skilled and trained team focused on safety. Their goal is to build long lasting relationships with their customers. McGrath Realty is an intricate part of the Lynn community. The relationships they have with corporate, local business, contractors, property management customers and homeowners are a result of their dedication to quality, customer service, and safety. They take great pride in their reputation and maintain the utmost in quality and customer service in all aspects of their company.