[CPEO-MEF] REUSE: South Weymouth Naval Air Station (MA) sale price

[Lenny Siegel <lsiegel@cpeo.org>]

[It appears that the downturn in the housing market has undermined a 
number of planned developments at closed or closing military bases. Has 
anyone tried to form a systematic policy response, or are these all 
being addressed on a site-by-site basis? - LS]

Agency wants Navy to cut price on land
Original deal was for $43.6 million

By Casey Ross
Boston Globe
June 16, 2009

The cash-strapped agency overseeing redevelopment of the South Weymouth 
Naval Air Station wants the US Navy to cut its sale price on 900 acres 
of land so it can afford to proceed with one of the state's largest 
building projects.

South Shore Tri-Town Corp., a joint venture of Abington, Rockland, and 
Weymouth, had previously agreed to buy the massive parcel for $43.6 
million, but has been unable to obtain the financing to close on the 
purchase.

Now Tri-Town is instead preparing a request to reevaluate the value of 
the land, a move to lower the price in the context of the slumping real 
estate market.

...

For the entire article, see
http://www.boston.com/business/articles/2009/06/16/agency_wants_navy_to_cut_price_on_air_station_land/

--


Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org



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