Massachusetts officials confirmed that the South Shore Tri-Town Development Corp. and the Navy would sign a purchase and sales agreement on Tuesday for a 700-acre tract at the former Naval Air Station South Weymouth.
The LRA reached an agreement with the Navy in August to purchase the property for an estimated $25 million, with about half the compensation relying on revenue sharing. Concerns raised by the town of Weymouth as to what standard the Navy would use when cleaning up the land had threatened to hold up the deal.
The final terms call for the Navy to clean up the naval station to standards set by the Environmental Protection Agency and the state Department of Environmental Protection, reported the Herald News.
The deal comes 13 years after the development corp. was originally formed. The reuse plan for what is now called SouthField includes 2,800 homes, 2 million square feet of commercial space and a hotel.