Developers Close on Parcel for South Weymouth Naval Air Station Redevelopment
Redevelopment of the long-shuttered former South Weymouth Naval Air Station has taken a major step forward, with Washington Capital Management selling its land at the base to a joint venture of Brookfield Properties and New England Development. The $65-million sale was filed last Wednesday in Norfolk and Plymouth counties.
New England Development and Brookfield Properties are now proposing a mixed-use redevelopment that would include 6,500 housing units, along with about two million square feet of commercial and retail space. The project spans more than 1,400 acres in Weymouth, Rockland and Abington, and is expected to become the largest residential and commercial development project in Massachusetts. Infrastructure work is expected to begin this fall.
“We are excited to be moving forward with the Base—a project that will have significant benefits to the towns of Weymouth, Rockland and Abington, as well as the region, and will create job and housing opportunities so urgently needed in the Commonwealth,” said John Twohig of New England Development. “The Base redevelopment will be the largest residential and commercial project in Massachusetts.”
Other News
JLL Arranges Financing for Lightstone Acquisition on Upper West Side
JLL Capital Markets arranged acquisition financing for Lightstone’s purchase of 323 W. 96th St., a 174-unit multifamily property on Manhattan’s Upper West Side. Senior managing director Peter Rotchford and managing director Michael Shmuely worked on behalf of Lightstone to secure the financing from MF1, a wholly owned subsidiary of Berkshire Residential Investments. Lightstone is acquiring...
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National City Investment Group Commences Workforce Housing Build
The National City Investment Group, a locally owned, privately held real estate investment company, recently broke ground on Market View, a 120-unit multifamily residential community located at 303 Highland Ave. in National City. The development will transform an underutilized parking lot adjacent to Manolo Farmers Market, which has served National City for more than 33...
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Levin Johnston Closes Apartment Sale in One of San Jose’s Strongest Submarkets
Levin Johnston of Marcus & Millichap recently completed the sale of First Street Manor, a 39-unit apartment community in San Jose. Executive managing directors Adam Levin and Robert Johnston, along with senior director, investments Cole Simpson, represented the seller and procured the buyer in the $9.112-million transaction. The Levin Johnston team demonstrated the asset’s upside...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout