Plymouth absorbs news of studio setback
Developers tell town they’ll press on despite cutting ties with lender
PLYMOUTH - Town officials and residents were taken by surprise yesterday when news broke that developers of a proposed $550 million movie studio on the South Shore had severed ties with their major lender. But some remained supportive of the team of film executives behind Plymouth Rock Studios, who came to town two years ago with the promise to create Hollywood East, bringing much-needed tax dollars and jobs to this coastal community.
Dick Silva, Plymouth Rock’s most enthusiastic local supporter and president of the booster group Yes to the Rock, said he talked to fans who remain upbeat.
“It’s just a step backward in the climb up the hill,’’ Silva said. “I anticipate that someone is going to look at this and decide that funding the project will be a win-win for both Plymouth Rock and its investors.’’
On Tuesday, the partners behind Plymouth Rock revealed that they had broken off their relationship with Prosperity International, an Orlando-based investor that promised to finance the studio project. The developers said they canceled their agreement with Prosperity because the lender was required to meet a milestone on Friday and failed to do so.
The project is proposed to be located at the Waverly Oaks Golf Course. Plymouth Rock was slated to close on the $16.5 million purchase of the 240-acre property on Saturday. Plymouth Rock cofounder David Kirkpatrick said the company now has an agreement with the property owner, Mark Ridder, that allows for a number of extensions over the next six to nine months.
Bill Wynne, president of Plymouth Rock’s real estate arm, said studio officials remain undaunted.
“At the end of the day, this project is very compelling, and we’re confident we’ll get it done,’’ Wynne said. “But we want to make sure the financing is reliable.’’ Wynne predicted he will be able to talk about the company’s progress in about two weeks.
Town precinct chairman William Abbott, who was critical of the studio proposal during the permitting process, said he remains skeptical. “All of a sudden, they cancel the financing, but I wondered how they took the financing seriously in the first place,’’ Abbott said.
Abbott said construction of an access road to the project was scheduled to begin next month.
“It’s best this information came out early on, or Plymouth would have had a road to nowhere,’’ he said.
“In response to Bill Abbott, the road won’t be built until we’re sure the studio will be built,’’ said Kevin O’Reilly, a spokesman for Plymouth Rock.
Plymouth Selectman John T. Mahoney said there is not much for the town to do now other than wait, while developers work to find new financing.
“Just because one avenue is closed, I’m not convinced the project is dead,’’ Mahoney said. “The town, to date, has done everything they could on their end to accommodate the studio, because they understand the significance of its impact on the whole state.’’
There has been little investment in the project from the state, which declined an application from the film studio company for a $50 million grant for infrastructure costs.
“We will work with them to explore the options,’’ said Kofi Jones, spokeswoman for the state Office of Housing and Economic Development.
Despite the financial setbacks, Plymouth Rock said yesterday it would stick by its promise to provide $25 million in funding for the MIT Media Lab and Center for Future Storytelling.
“We remain committed to it, and we have been working with MIT to bring in additional sponsors,’’ Kirkpatrick said. “We’ve been keeping Media Lab director Frank Moss informed, and we look forward to inventing the future together.’’
Plymouth Rock executives told local officials that their financing deal was off in a round of telephone calls.
“This project is huge for the community, so we just have to hang in there,’’ said Dick Quintal, chairman of the Plymouth Board of Selectmen.
Kirkpatrick had a message for the project’s supporters.
“Please don’t be discouraged,’’ he wrote in an e-mail. “Challenges shouldn’t discourage us, they should energize us. We will persist to achieve. And we will achieve in order not merely to survive but to thrive.’’
Christine Legere can be reached at christinelegere@yahoo.com.
(Correction: Because of a reporting error, a Nov. 12 story about Plymouth Rock Studios incorrectly characterized the operations at Waverly Oaks Golf Club. Both the Waverly Oaks Golf Club's golf course and function facility are continuing to operate.)
