Republic Properties begins demolition of former Weylu’s restaurant - Colliers International is the brokerage firm for the project

October 23, 2015 - Front Section

Saugus, MA Republic Properties, a privately held Malden-based real estate development firm, has begun demolishing the former Weylu’s restaurant on Rte. 1 in Saugus on September 16. The demolition at Weylu’s is one of the first steps in a larger plan to create a mixed-use development including residential, hotel, office and commercial components at the site. Colliers International is the brokerage firm for the property.

The long-vacant building is part of a 46.3-acre site straddling Revere and Saugus, overlooking Rte. 1 at 20 Bennett Highway. The site is accessible from the South on Rte. 1 and is one mile from the Rte. 1 North/South interchange. The site is zoned to allow for highest and best use, including office, retail, auto service, multifamily and hospitality.

Demolition of former Weylu’s restaurant, Route 1 - Saugus, MA Demolition of former Weylu’s restaurant, Route 1 - Saugus, MA

“When Weylu’s closed in 1999, many of us who grew up in the area had fond memories of the restaurant and were sad to see the business go,” said site developer Joe DiNanno, president of Republic Properties. “But now, after years with the site vacant, we are pleased to begin a revitalization plan. We’re looking forward to working with town officials and the community to create a mixed-use development that includes residential, hotel, office and commercial components.”

Since Republic Properties purchased the site in 2013, the developer has been working with local officials and the community on the concepts for the site. Those concepts could be voted on later this fall.

“With nearly 50 acres of contiguous development land with access to Route 1 and located within the highway business zone, this site is an unparalleled opportunity for mixed-use developers and build to suit users alike,” said Scott Dragos, senior vice president at Colliers.

“Given the sheer size, visibility and access to Boston, we are very confident that the site will appeal to a wide audience while bringing more growth to Saugus and Revere. It is extremely rare to be able to purchase this mass assemblage of land with access to one of the busiest commercial corridors in all of New England and be only minutes away from Boston and Logan Airport.”

Republic Properties has been managing, building and investing in notable properties since its inception in 1928. They still own and manage the first property they ever developed.