LNR Property LLC has finalized a $25 million deal on 830 acres of land, giving it he final piece of property earmarked for the planned $2.5 billion SouthField development on a former naval air station in Weymouth, south of Boston.
The company announced the closing Thursday. The Boston Globe and the Associated Press reported last month that LNR had made a deal for the land needed to build a "mini-city" it is calling SouthField. The Boston Busines Journal disclosed the $25 million selling price.
The developer bills SouthField as "a national model of smart growth, transit-oriented, green development." Construction has been under way on the first part of the project, called SouthField Highlands. The overall project calls for 3,000 homes in the mixed-use project, 6,000 construction jobs and 4,000 permanent jobs.
LNR got the land from South Shore Tri-Town Development Corp, a semi-public agency set up to develop the site of the former South Weymouth Naval Air Station. Negotiations had gone on for some time, and SouthField has a lot of high-profile interest.
“Good things come to those who don’t wait but negotiate, and in this case it’s going to mean jobs and economic development,” U.S. Sen. John Kerry said in a statement after the deal.
LNR spun off from Lennar Homes in 1997 and was taken private in 2005
