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Construction continues on the new Market Basket on Western Avenue.
LYNN — Work is underway to improve access around the new Market Basket under construction at the General Electric Factory of the Future site.
The $2 million project, funded by DeMoulas Super Markets Inc., the Tewksbury-based chain store, will reconstruct and upgrade Boston and Federal streets and Western Avenue.
It is intended to support the city’s Market Square revitalization, which includes the redevelopment of the 22-acre former GE site. Market Square will feature an 84,000 square foot state-of-the-art supermarket and 50,000 square feet of retail and office space.
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“We have been working on this project for three years and are excited that we are on schedule to open Aug. 1,” said James Cowdell, executive director of the city’s Economic Development and Industrial Corp., the city’s development bank.
The $25 million store is expected to employ 75 full-time employees and 400 part timers. Market Basket will join Shaw’s, Stop & Shop and PriceRite in the city.
Shuttered since 1988, the once state-of-the-art factory sat empty until Mayor Judith Flanagan Kennedy met with high-level GE executives to discuss redeveloping the parcel.
Charles Patsios, a Swampscott developer, bought the property from GE in 2013 for $4 million.
Thomas Grillo can be reached at [email protected].
