The new owner of the old Weylu’s property on Route 1 in Saugus plans to link the 11-acre site to property next door that the company owns in Revere, creating a gateway for business growth in each community.
“This acquisition may allow us to pursue a development project that will leave new life into the fallow site,” Joseph DiNanno, president of Republic Properties, wrote in an e-mail. “We look forward to working with elected officials and local communities to redevelop this property as a prime location along Route 1. There is still much work to do.“
Republic Properties purchased the Weylu’s property for $4 million on Aug. 23 from Golden Mountain LLC of New York, according to property records at the Southern Essex Registry of Deeds. Full story for BostonGlobe.com subscribers.