The Southfield Redevelopment Authority will receive nearly $1 million a year to help pay for its operations after entering an exclusive negotiating agreement with the potential new master developer at the 1,450-acre former air base.
In January 2020, the board selected a partnership between Brookfield Properties, Boston-based New England Development and Pinehills Managing Partner Tony Green to spearhead the redevelopment of the former South Weymouth Naval Air Station.
In an exclusive negotiation agreement, the development team agreed to reimburse the agency $80,000 per month including $261,686 for employees’ benefits, $269,500 for public works services and $45,000 for the seven-member board’s salaries. The agency’s fiscal 2022 budget totals $2.6 million.
The ENA period runs through June 30, 2022, during which the two sides will negotiate on a development and disposition agreement. The agreement was approved by the board of directors on June 30 and obtained by Banker & Tradesman under a public records request.
In a presentation prior to its selection, the Brookfield-led team said the prior developer’s goal of building 8 million square feet of commercial space was unrealistic and the property needs to be rezoned for more housing in the Southfield Village District to offset infrastructure costs.
Approximately 339 acres are available for development, including 55 acres that are still owned by the U.S. Navy.
Following closure of the air base in 1997, redevelopment attempts have included a proposed outlet-style shopping mall by now-defunct Mills Corp. and a mixed-use development by LNR Property Corp.
The redevelopment board canceled its agreement with most recent master developer, LStar, in February 2019 after it missed payments and deadlines connecting a water supply to the property.
The Southfield Redevelopment Agency sued LStar for damages and sought appointment of a receiver to take control of LStar’s remaining assets at Southfield. A default judgment was entered in the agency’s favor in September 2020 in Norfolk Superior Court, and a damage assessment hearing is scheduled for Aug. 26.
