Marblehead YMCA Property to Become Bank Parking Lot

According to the Marblehead Reporter, the land in downtown Marblehead that was once the site of the YMCA has been purchased by the National Grand Bank, located across the street, and turned into a parking lot.

Original plans of turning the space into a mixed-use building, with both residential and commercial space, came to an end when former land owner George Wattendorf of GVW Inc., decided he would sell the property rather than build on it. GVW’s plans for a mixed-use development had been approved by the Marblehead Planning Board on February 1, 2011, under affordable housing laws (above). The property was purchased by GVW for roughly $800,000.

President Jim Nye of Grand National Bank explained that the bank’s clientele has been expanding and that the nearby lot was too good of an opportunity to pass up. “We are thrilled that GVW was willing to listen,” Nye said, “We know it was extremely difficult for the Wattendorfs to sell, but we are happy to be able to purchase such an important parcel of land in downtown Marblehead.” Nye did not discuss the price the bank purchased the lot for.

Read the entire Marblehead Reporter article.