Turnaround Company Poised to Take over South Weymouth Redevelopment

first_imgTwo years after Starwood Land Ventures gained control of the redevelopment of the former South Weymouth Naval Air Station from the project’s initial master developer, a new firm is promising to revitalize the long-stalled effort.  After signing a purchase and sale agreement, Raleigh, N.C.-based LStar Management is scheduled to complete its purchase of Starwood’s stake in SouthField, located outside of Boston, on Wednesday.The transaction would represent the latest chapter in a reuse effort that has made only limited headway since the air station closed in 1997. Progress on commercial development at the base has languished, although home construction began in 2011.At Starwood’s urging, the state Legislature last year approved legislation to overhaul the redevelopment by replacing the long-standing LRA with a new authority and shifting responsibility for public services and property tax revenue to the surrounding communities of Weymouth, Abington and Rockland. The measure also gave the developer more flexibility regarding the pace of the project.Starwood had said it would abandon the effort if the state failed to approve its proposed reforms; since the governor signed the overhaul legislation into law last August, the developer has pressed the commonwealth to spend between $20 million and $40 million to extend an access road through the reuse project.SouthField’s reuse plan calls for 2,855 residences and up to 900,000 square feet of commercial space.“We love stepping into this kind of situation,” Kyle Corkum, a managing partner for LStar, told the Weymouth Town Council last week. “It’s still the most exciting opportunity we’ve had and we’re excited to get started.”The new developer plans to take over all payments and obligations that Starwood was responsible for, reported the Patriot Ledger. LStar already has paid part of a $425,000 property tax bill that just came due. Corkum also has pledged to find a long-term solution for supplying water to the project, reported Wicked Local Weymouth.“We want a plan that is ambitious and to have SouthField reach its full potential,” Corkum said. Dan Cohen AUTHORlast_img

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