AMAZON CHASE LEAVES POLS PRIME FOR BLAME
South Shore bid outside the box
In its quest to lure Amazon to the South Shore, the developer of Weymouth’s former naval air station is effectively offering a halfoff deal under the condition the company become a “great corporate citizen.”
LStar Ventures is offering a site at the Union Point development it says will be worth $400 million in 10 to 15 years for free, provided Amazon agrees to give $200 million to local charities and schools.
“We wanted to change the narrative to ‘What can Amazon give as well?’ so that they’re welcomed as a great corporate citizen,” said Kyle Corkum, CEO of LStar Ventures. “The catch is they would have to make charitable contributions to organizations that serve the most vulnerable populations on the South Shore. And for every dollar they pledge to donate for the next decade, we’ll give (them) a $2 credit . ... We estimate that this land, this site, will be worth $400 million over the next 15 years. If Amazon committed to donate $200 million to ... our school systems, to people that serve veterans, money to help the opioid epidemic, domestic abuse, early childhood education ... if they were to donate that money, they could get this site for free.”
Corkum said the outsidethe-box proposal should make his bid stick out instead of controversial tax breaks pitched by other suitors.
The Bay State has pitched nearly two dozen proposals to attract Amazon’s second headquarters to Massachusetts, including Boston’s bid spotlighting Suffolk Downs. There are also proposals in Somerville, Worcester, Billerica and Lawrence.
The Union Point site spreads across Weymouth, Rockland and Abington and is being pitched as a 21st century smart city with all the amenities available in Boston.
“It will be an entertainment hub in the region. People will come here to watch sports, to go to dinner, to go to plays and concerts. There will be amateur sports. There will be hotels built here. And in many respects, it will be a microcosm of the city of Boston,” Corkum said.
Amazon wants to invest $5 billion to build an 8 million square-foot facility that would create as many as 50,000 jobs.
Corkum said the proposal for Amazon only uses 18 percent of available space, allowing for Amazon to expand or to attract other tech giants. The site offers:
L 1,553 acres with more than 1,000 acres of open space;
L More than 10 million square feet of commercial space;
L The potential for at least 28 liquor licenses and more than 40 restaurants;
L Room for more than 4,000 housing units.
Weymouth Mayor Robert Hedlund said, “If, in fact, the Northeast is in play, we have as good a site, or the best site, of any that have been floated out there.” He said the economic windfall to the region would be billions.
“It would be the biggest thing to hit this region in a long time.”
As part of its mission to charitable donations, LStar Ventures at yesterday’s press conference announcing the bid pledged $500,000 over the next decade to the nonprofit The Arc of the South Shore, which offers services to children and adults with physical and intellectual disabilities.
Arc Executive Director Daryl Ann Cook-Ivan said the donation will help expand its services, including its new autism resource center.
“We’ll be able to reach out to families in the South Shore and double the number of families we currently serve.”