Business

Street-Works to drop out of Quincy redevelopment

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The developer behind Quincy’s $1.6 billion downtown redevelopment said farewell on Thursday, signaling the death of the project in its current form.

In an advertisement in Thursday’s Patriot Ledger newspaper, Street-Works Development LLC said it could not move forward with the envisioned downtown redevelopment, and would probably default on the project’s overriding contract, known as the Land Disposition Agreement.

Mayor Thomas P. Koch said the city hasn’t decided what will happen if the company remains in default, but promised that action would be swift.

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