State officials and members of the state’s congressional delegation say the Navy has reached a final agreement to sell the former Naval Air Station in South Weymouth for $25 million.
US Senator John Kerry says the deal with the South Shore Tri-Town Development Corp. is expected to be formally signed on Tuesday.
Negotiations over the future of the property have dragged on since it was closed by the Pentagon in 1995.
Tri-Town has selected LNR Property to develop the Southfield site, which is slated for completion in 2017. Plans call for construction of nearly 3,000 homes along with retail and business space.
US Representative William Keating projects that it will create about 10,000 permanent and temporary construction jobs over the next decade.
In recent years, negotiations over the property have focused on environmental issues.