The city of Revere has agreed to pay an additional $16.5 million to the former owners of the Wonderland dog track site, resolving a long-running dispute over the property’s valuation. This settlement ends a legal battle that was set to go to trial this week in Suffolk Superior Court before Judge Anthony Campo.
The controversy began in late 2022 when then-Mayor Brian Arrigo authorized the city’s eminent domain acquisition of the nearly 34-acre site for the construction of a new high school. Initially, city officials offered $29.5 million to CBW Lending, the ownership group that included local businessman Joe O’Donnell and New York-based Vornado Realty Trust. CBW sued Revere in February 2023, claiming the payment substantially undervalued the land.
The legal dispute persisted even after O’Donnell’s death from cancer in January 2024. The trial was postponed to allow negotiations, culminating in the settlement filed Tuesday, which includes an additional payment of about $500,000 to resolve outstanding parking fees related to the site’s prior use as a parking lot.
Revere Mayor Patrick Keefe Jr., who was on the City Council at the time of the original acquisition, said the city had initially withheld disputed parking fees from the $29.5 million payment, effectively lowering the upfront amount paid to CBW. Keefe emphasized that the combined payment of $45.5 million remains within expectations, describing the outcome as a win for taxpayers.
“This is a win for Revere taxpayers,” Keefe said. He added that although the city would have preferred to pay no extra cost, avoiding a jury trial that could have awarded between $10 million and $80 million more was a satisfactory resolution. The new payment will require the issuance of bonds but will not increase the overall cost of the high school project, which has a total budget nearing $500 million. Keefe noted that the city had identified approximately $24 million in savings elsewhere in the project.
Lawyers for CBW had argued that the Wonderland site’s value could be up to four times the initial payment, citing comparable local sales such as the 50-acre Necco factory site, which sold for $355 million three years earlier. Peter Flynn, representing the former owners, acknowledged that while CBW would have preferred a larger settlement, the public purpose driving the school’s construction influenced the outcome and jury considerations.
“Once we saw progress on a resolution, the city and CBW worked together effectively to finalize the deal,” Flynn said.
The larger legal picture remains unsettled for CBW. In July, Massachusetts’ Appeals Court ruled in favor of E. Mark Noonan, a lender claiming he is owed funds related to the property. That case is currently before the state Supreme Judicial Court.
The Wonderland property has a complex history. Originally home to a dog racing track that closed following a 2008 state ban on greyhound racing, the land was part of a broader development vision by O’Donnell and Vornado, who also partnered on the nearby Suffolk Downs horse track site. The developers had pursued a resort casino license for the property but lost to Wynn’s Everett proposal in 2014. CBW subsequently marketed the site for mixed-use development, including offices, retail, and residential units, before the COVID-19 pandemic stalled progress.
Construction on Revere’s new high school began in 2025. Mayor Keefe said the project remains on schedule for completion by late 2028, with students expected to begin classes in early 2029.