Last week the SouthField Redevelopment Authority voted unanimously to approve the transfer of ownership of undeveloped land at the former South Weymouth Naval Air Station, known as SouthField. LStar Management purchased the land from Starwood Land Ventures on May 13, 2015, and will move forward on years of stalled improvements to the massive 1450 acre tract of land.
As master developer, LStar will be responsible for facilitating commercial and residential development to the area that traverses the towns of Abington, Rockland and Weymouth. This transit-oriented development project will include 900,000 square feet of commercial space, nearly 3000 homes, historical preservations, playing fields and recreational facilities. LStar has made significant commitments to develop the necessary water and sewerage systems for Southfield and state funds have been secured to complete transportation improvements.
A sweeping legislative overhaul of the project completed last year will enable the towns of Abington, Rockland and Weymouth to begin collecting tax revenue from their sections of the development as of July 1, 2015. The legislation also established the newly-created SouthField Redevelopment Authority, represented by Burns & Levinson attorneys.
With Burns & Levinson's assistance, the Authority satisfied the new statutory requirements in order to advance SouthField, including the development and regulatory approval of a tax plan, redevelopment plan and state financing agreements that commit additional resources to the project and remove certain financial impediments. Most recently, Burns & Levinson assisted the Authority to negotiate the terms of a revised development agreement with LStar whereby critical infrastructure will be undertaken by the master developer.