The Kraft Group, owners of the New England Revolution, has reached an agreement to build a soccer stadium for the Major League Soccer franchise in Everett, Massachusetts.
The deal was agreed with the cities of Everett and Boston, with the Kraft Group planning to transform a “long-neglected” industrial site along the Mystic River.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The new stadium project will erect a 25,000-seat stadium in Everett on a site where an inactive power plant is currently located.
In a statement, the Kraft Group said: “Under the agreements, we will undertake significant environmental remediation and demolition of the long vacant powerplant, invest in extensive traffic and transportation improvements, and deliver substantial community benefits, including millions of dollars towards infrastructure improvements.
"These agreements reflect years of collaboration with city leaders and community stakeholders to ensure the project delivers meaningful, lasting benefits for residents while addressing transportation, environmental, and municipal impacts.”
The tie-up will see the Kraft Group pay the city of Boston a community benefits package of almost $48 million over the next 15 years.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe Revolution currently practices and plays at the New England Patriots' stadium in Foxborough, Mass. Both franchises are owned by Robert Kraft and the Kraft Group.
The specifics of the deal with Boston include an immediate $1.5 million community impact payment once the permit is issue,d plus annual payments of $300,000 for five years as well as 15 annual payments of $333,000 for ongoing transformation infrastructure improvements and at least $5 million in safety and access improvements to roadways, sidewalks, bike paths, intersections, and transit facilities.
The city will also be paid $1 off each soccer ticket sold and 1.5% off all concert tickets sold at the venue in perpetuity, estimated at $34 million over the first 15 years.
The proposal had been a point of contention for Boston leaders. Mayor Michelle Wu criticized the Kraft Group in August over its handling of the stadium proposal. The facility will be located across the river from the Boston neighborhood of Charlestown.
Wu argued at the time that a stadium would mean fans would travel through congested Charlestown and Sullivan Square to get to the stadium. She also argued at the time that the Kraft Group's environmental mitigation package of $750,000 was too small.
After the agreed deal, Wu said: “The city fought for a fair deal for Boston and our residents, and that is what we have achieved through this agreement. After months of negotiations, we have secured commitments addressing the needs of Charlestown residents and feedback from community partners.
“This stadium will enhance Boston's position as the sports and entertainment capital of New England while transforming a blighted site on our doorstep.”
Outgoing Everett Mayor Carlo DeMaria said that under the terms of the 20-year agreement, the City of Everett will receive an estimated $91.7 million.
He stated that the money will come from direct payments, infrastructure investments, and other community benefits. The city will receive $2.25 for every ticket sold.
