The latest attempt to make Massachusetts the “Hollywood of the East,” is in limbo, at least for now.
Yesterday, the owners of the studios said that their construction funding had collapsed and that they were persuing other funding options.
“The lender was required to meet a milestone on November 6 and has failed to do so,’’ the studio said in a statment and that they had, “exercised its contractual right to cancel the agreement.’’
The groundbreaking on the studio was just weeks away. Plymouth Rock is now looking for alternate funding and said that, perhaps with the improving economy, that they might be able to get an even better deal.
While it’s disappointing to hear that the deal has fallen through, especially when you consider how many people could be employed in both the building and use of such a studio, hopefully things will stay on track and construction will begin shortly.