A deal that would move a proposed Market Basket grocery from the site of a former drive-in theater off Concord Street to an anchor position in the impending Gloucester Crossing shopping center looks to be a win for all concerned — including Cape Ann consumers.
Under the agreement, apparently closed to completion as reported in Friday's Times, DeMoulas Supermarkets would provide a $10.2 million line of credit to Sam Park, developer of Gloucester Crossing. In exchange, Park said he would accept less rent than he might be able to get from a department store as an anchor to the center. The move would also spare DeMoulas the difficulties it would face in developing the Concord Street site, including working around wetlands on the property and having to pay for part of a sewer extension from Essex Avenue.
For consumers, one of the benefits will be a more accessible new Market Basket. The Gloucester Crossing site looms as one that will be easier for more Cape Ann residents to reach than the Concord Street site of a former drive-in theater.
Also, the financing deal also takes the entire Gloucester Crossing project another step closer to the start of construction. And with a Staples and a Marshalls in line to take junior anchor spots at the center, the hope of many residents for the day when they will no longer need to drive to Danvers or Peabody for some of their shopping needs moves a bit closer to reality.
Even the DeMoulas anchor and financing agreement doesn't mean everything at Gloucester Crossing is a done deal. Park is still seeking a so-called Tax Increment Financing agreement with the city that would forgive anywhere from $2 million to $3 million in property taxes over a period of years, in exchange for the benefit of economic development and job creation. A $2 million jobs grant from the state — announced last month by Gov. Deval Patrick in a visit to the city and to Mayor Carolyn Kirk — marked a major step, but was not the only commitment needed to move this project forward.
Ultimately, however, the complex of larger stores, shops, restaurants, a hotel and an assisted living facility is expected to generate $1 million a year for the city. City officials should take that long view when working with Park and with DeMoulas.
Gloucester Crossing, with a Market Basket, should improve the economy — and the quality of life — for residents of Gloucester and neighboring Cape Ann communities alike.
