After all the excitement and media coverage surrounding the new, state of the art, Plymouth Rock Studios, it was announced today that funding for its 240 acre, $550 million dollar, “Super” studio on the South Shore has collapsed. With less than a week before groundbreaking, questions have cropped up about the viability of its financing company, Prosperity International LLC out of Orlando Florida.
In a prepared statement, the studio said, “The lender was required to meet a milestone on November 6 and has failed to do so. Consequently, [the studio] exercised its contractual right to cancel the agreement.’’
Developers are still dedicated to the project but with the current economic climate there is no telling when construction and funding will move forward.
LRG’s Two Cents: We would like to see Massachusetts pull through with some assistance. It makes sense as the studio is going to create thousands of new jobs and produce huge tax revenue for the Bay State. Besides the direct financial benefits, there are also social benefits to the area as well. High budget, blockbuster films will be shot locally. They will showcase the vibrancy of Boston, bringing tourists, visitors and residents from around the world to our beautiful city.
LRG Luxury Residential Group | 355 Boylston St, Boston MA 02116 | (617) 233-5800 | |