Nov 11, 2009 8:11 am US/Eastern
Plymouth Rock Movie Studio Project Delayed
PLYMOUTH, Mass. (AP) ―
Plans to
build a movie studio in Plymouth have been temporarily put on hold after developers canceled a $550 million construction loan agreement.
Officials with Plymouth Rock Studios said Tuesday that Orlando, Fla.-based Prosperity International LLC had failed to meet a Nov. 6 deadline and therefore the deal was off.
Plymouth Rock said in a statement it would seek alternate sources of funding.
Developers of what has been dubbed Hollywood East have cleared most regulatory hurdles and had planned to break ground on the project within three months.
The proposed 242-acre studio at the site of the former Waverly Oaks Golf Club in Plymouth would include 14 soundstages and 10 acres of exterior sets. The project also includes post-production facilities, a theater and a hotel.
(© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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