GE spokesman says deal nearly finalized for Lynn ‘Factory of the Future’ site

LYNN – General Electric’s Factory of the Future site may have a new tenant soon.”We are close to finalizing a purchase and sales agreement,” said GE spokesman Richard Gorham. “We have been diligently working behind the scenes.”Last fall Mayor Judith Flanagan Kennedy said she was confident the 40 Federal St. property would sell by the end of the year because that is what GE officials told her would likely happen. Gorham admitted Tuesday that goal was a bit of a stretch but he is optimistic it will be soon although he declined to comment on who the new landowners might be.”I’m just anxious to see a ?sold’ sign on the property,” Kennedy said. Tuesday.Kennedy said she was also anxious to speak with GE officials about the status of the property but “I don’t want to keep bugging them.” She said she realized that the property would be sold on the company’s time line, not hers and that was OK, as long as it sells.The property has been vacant and off the tax books since 1985.The Federal Street site is a sprawling 22 acres of land zoned for retail/mixed use that has a vacant two-story, 68,000 square foot building in one corner. It cannot be used for residential due to environmental issues.The land is bordered by Spencer and Waterhill streets and Western Avenue with Federal Street cutting through the middle, and Kennedy said that isn’t likely to change. She said the city has no plans on closing Federal Street.View a map of the factory site. Click on the site for more detailsView Vacant Factory of the Future site in Lynn in a larger mapIn the early 1980s GE built a $42 million program that featured automated manufacturing of engine parts which executives dubbed the “Factory of the Future.” It closed in 1992 when orders decreased and was subsequently used for training machine operators. It was shut down permanently in 1996 and other than being used as a training location for firefighters, the property has largely sat unused since.In August GE officials hired CBRE, a worldwide commercial real estate company, and put the property out to bid with what Gorham called “enough of a window” for healthy bids to be made.”There has absolutely been progress and hopefully we will have some absolute, definitive plans with the new owners in the not too distant future,” said Gorham.”I just can’t wait to drive by and see a ?coming soon’ banner,'” Kennedy said.Chris Stevens can be reached at [email protected].