LStar Management, the investment company that hopes to draw more development to the site of the former South Weymouth Naval Air Station, has officially taken the reins of the project.
The company said Thursday that a state agency approved its purchase of the SouthField development on May 11. A spokeswoman for LStar said she couldn’t disclose the deal’s financial terms.
SouthField, a development spread across Weymouth, Abington, and Rockland, was originally envisioned as a $1.5 billion mixed-use community, with easy access to major highways and parkland. But the project stalled over disagreements between the state and its former master developer, Starwood Land Ventures.
Advertisement
“We will see this through to the end,” said Kyle Corkum, a managing partner at LStar, told the Globe in April when the company initially announced its intention to buy the project. “If it takes 15 or 20 years to finish the project, that’s fine. We want to get this right.”
LStar, which is based in North Carolina and is run by two Massachusetts natives, boasts of having turned around stalled residential and commercial developments across the country. It has said it plans to do the same thing with SouthField, where the company said it could build up to 2,855 housing units and 2 million feet of business space.
Jack Newsham can be reached at jack.newsham@globe.com. Follow him on Twitter @TheNewsHam.