By Seth Daniel
A California developer has purchased the Chelsea Clock building and a collection of scrap yard properties once owned by Billy Thibeault of Wood Waste for $47.7 million.
The properties on Everett Avenue, Vale Street, Carter Street, Fourth Street, Fifth Street and Locust Street were previously proposed and approved for 692 units of housing in two towers across the street from Chelsea High School. That proposal was contemplated for years and approved last fall, to the discouragement of many in the City who felt it was too dense and had a desire to save the Chelsea Clock building.
Fairfield LLC has made the purchase and the company is based in San Diego, though it has luxury rental housing properties in the Boston area.
Jon MacDonald of Fairfield was reached by phone, but was not able to return a phone call to the Record in time for this story.
City Manager Tom Ambrosino, who had not opposed the development but did consider it too dense, said the property transfer was likely good news for the City.
“Hopefully the developer will do a good job,” he said. “I wasn’t a particular fan of the project, but I’m hopeful the new entity will do something the City is proud of. Overall, the fact you’re redeveloping a junk yard in a blight industrial area is a positive thing, but I did think that density was more than I would have liked. This developer seems to have the financial wherewithal to move this project forward.”
Ambrosino and City Planner John DePriest said the City is in the process of scheduling a meeting with Fairfield about the purchase and it’s plans.