Opus has had the project under contract with the Authority.  Cherne has signed a long term lease and the city has also entered into a Economic Development Tax Abatement Agreement with Cherne.

Because of the current financial climate, Opus has brought in a multi-billion equity partner to fund the purchase of the land from the EDA and to also fund the development of the building for Cherne.  Cabot Properties http://www.cabotprop.com/  is an international private equity real estate investment firm exclusively focused on industrial properties. Formed in 1986, the firm is a leading investor, developer and operator of industrial properties throughout North America, the United Kingdom and Europe. Cabot has invested over $10 billion in industrial real estate, managing and operating over 3,800 tenants in over 1,400 buildings totaling approximately 180 million square feet. Cabot is headquartered in Boston with offices in London and Sydney. 

The closing is scheduled for July 2020 with construction immediately following to ensure the team can meet Cherne's timeline for occupancy in early 2021.  Construction plans have been submitted for review, comments returned, and a second set of plans are in review for issuance of the building permit.

The construction of the speculative building to the north will be delayed until a tenant(s) are identified. 

Opus will be responsible for the design and construction of the project and the Cabot Fund will be the ultimate owner.  Cabot has agreed to fund the entire $1.65 million land purchase now.