Fan Pier Deal Is Off, Again

BOSTON-A locally based development partnership is backing off from its agreement to acquire the 21-acre Fan Pier site. This is the second deal in as many months that has fallen apart. The joint venture of New England Development, Boston Properties and the Related Cos. is exercising its rights to terminate the purchase agreement with Hyatt Development Corp. The joint venture will forfeit the $2.5-million deposit made to the Hyatt, of which each partners’ share is one-third.

In September, Miami-based Lennar Corp., which was prepared to pay a reported $125 million for the site, missed its down payment for the property. The deal with the local developers was said to be in the same price range.