By THOMAS GRILLO
LYNN — A company with roots in Australia has paid $900,000 in a cash deal for the former Lynn Item building in the downtown.
Be Developer Group of Atlanta said they will convert the space into luxury condominiums, some with ocean views.
“We plan to meet with the city, the community and the state to see what they’d like there,” said founder Chirag Savaliya. “We think 24, one-bedroom condos priced from $150,000 to $200,000 is the best option for that historic property, but we will listen to everyone first.”
Savaliya, a Sydney, Australia native, said he had never been to Boston until about a month ago when he came to Lynn to see the 35,000-square-foot property.
The building will be renamed “Landmark” to reflect its new identity, according to Marisa Rowe, Be Developer Group’s co-founder.
Rowe also pledged to work with the community to revitalize Lynn’s downtown, she said.
The company has been approached by a variety of agencies about the future of the building, she said.
“We will endeavor to preserve building’s iconic industrial history and propose redevelopment plan around it,” Rowe said in a statement.
Christine Diarbakerly, founder of US-1 Ventures in Winchester, bought the five-story building in Central Square two years ago for $880,000. She had proposed to transform it with apartments on the upper floors and commercial space on the ground level. But last year she abandoned those plans and listed the property for sale.
Thomas Grillo can be reached at [email protected].