The Navy last week completed the closing and initial property transfer of about 680 acres at the former Naval Air Station South Weymouth, Mass., to the South Shore Tri-Town Development Corp. through an economic development conveyance (EDC).
LNR Property LLC will be responsible for the estimated $25 million cost of the conveyance; about half of the compensation relies on revenue sharing. The Navy did not transfer 123 acres of the parcel to the LRA because it has not yet finished cleaning it up.
“The purchase will allow for the full vision of SouthField as the premier smart growth community in the country to be realized here in Massachusetts,” said Kevin Chase, regional vice president of LNR.
LNR’s redevelopment of the air station calls for 2,855 units of housing and 2 million square feet of commercial and retail space. It will include more than 1,000 acres of neighborhood parks and dedicated open space, a links style golf course and a $20 million indoor/outdoor sports and recreation complex, reported the Boston Business Journal.