Air base deal reached

15 November 2011

An agreement has been struck between LNR Property Corp and the US Navy that will see 830 acres purchased for a new development in Massachusetts.

The land, which is the latest in a series of deals, was bought for US$25 million and will complete the SouthField development - a US$1.5 billion project consisting of 2,800 homes, two million spare feet of stores and offices, a golf course, athletic field and other facilities.

Although construction has started on certain aspects of the construction, no architect has been announced for the golf course.

“With this agreement, we now have the ability to build our vision for this property,” said Kevin Chase, the LNR executive leading the project. “It gives us the land for amenities like the golf course, sports and recreation complex, and the village centre where people can dine and shop.”