Plymouth waits as planned movie studio seeks funds
Plymouth officials and residents were taken by surprise 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,’’ he 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, the Orlando-based investor who 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 November 6, and has failed to do so.’’
The project is proposed to be located at the former Waverly Oaks Golf Course, which closed on November 1. Plymouth Rock was slated to close on the $16.5 million purchase of the 240-acre property on November 14. Plymouth Rock Studios co-founder David Kirkpatrick said they now have 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,’’ he said. ‘‘But we want to make sure the financing is reliable."
Wynne predicted he’ll 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," he said.
Abbott noted that 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’s 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,’’ he 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 yesterday said it would stick by its promise to provide $25 million in funding for the MIT Media Lab and Center for Future Storytelling, a research facility established to explore technologies such as digital sets and next-generation cameras. ‘‘We remain committed to it, and we have been working with MIT to bring in additional sponsors,’’ said Kirkpatrick. ‘‘We’ve been keeping Media Lab director Frank Moss informed, and we look forward to inventing the future together.’’
Wynne said the MIT venture is a high priority. ‘‘We’ll make sure it’s successful just as we will make sure we build our studio,’’ he said.
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.
Local resident Karen Buechs, a project fan, plans to keep the faith. ‘‘They will persevere,’’ Buechs said. ‘‘I know their supporters — and there are thousands of them — trust them completely. They will make their promises come true.’’
Kirkpatrick had a message for those supporters yesterday. ‘‘Please don’t be discouraged,’’ he wrote in an email. ‘‘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. ‘‘
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