LYNN, MA (WHDH) - The Porthole Restaurant in Lynn is set to close after 51 years of business on the city’s waterfront.
The restaurant’s owner sold the 50,460-square-foot lot Thursday for $1.4 million to developer Patrick McGrath, the Daily Item reports.
McGrath plans to knock down the popular pub and build 55 luxury condominiums, according to the newspaper. The project could begin as early as 2019.
Restaurant owner Robert Gaudet told the paper that he has “not been able to sleep for weeks because of the pressure of knowing it will change the lives of my 60 employees.”
The Porthole first opened in 1967 when it was purchased for just $32,000.
An exact closing date for the restaurant was not clear, but it will only be open for lunch through June.
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