Union Point Developer Put on Notice by Overseers

A rendering of Prodrive Technologies’ once-planned U.S. headquarters in Union Point.

The developer behind the troubled South Weymouth Naval Air Station site has been put on notice of default by the board overseeing the project, according to the Patriot Leger.

The paper reports the Southfield Redevelopment Authority’s board of directors on Wednesday decided unanimously that Union Point developer LStar has breached the terms of its agreement by not attracting enough development, not providing enough infrastructure and not meeting financial reporting obligations.

The move comes after legal and financial challenges facing the LStar, which will have 30 days to remedy the situation.

The Patriot Ledger also reports LStar is facing a $2.5 million lawsuit, which is compounding its difficulties with the project.

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Union Point Developer Put on Notice by Overseers

by Banker & Tradesman time to read: <1 min