Financial details of the deal were not released, but accordingto local reports, Lennar, LNR Property Corp. and TurnberryAssociates are paying between $125 and $130 million. Locally, LNRis redeveloping the 1,400-acre South Weymouth Naval Air Station.Turnberry is a developer of luxury apartments and condos.
The transaction is expected to be completed by mid-October 2004.Lennar managed to beat out two local firms in its bid for the site.Both the real estate division of Fidelity Investments and locallybased mall developer Stephen Karp attempted to acquire theproperty.
The nine-block Fan Pier is currently permitted for a hotel,office, and civic buildings, condominiums, retail shops, openpublic spaces and a new home for the Institute of Contemporary Art.It is located within the designated growth corridor of thecity--the South Boston Waterfront District.
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