X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the industrial market, click here.)

BOSTON-A group of area businessmen is putting together a plan to build a 500,000-sf, multimillion-dollar seafood market and processing complex along the South Boston waterfront. The project is expected to expand the area’s maritime industry along the Inner Harbor.

The development team, advised by consulting firm Blue Wave Strategies whose partners include former Environmental Protection Agency regional administrator John P. DeVillars, is planning to build the processing, packaging, cold-storage and shipping facility on about 30 acres of city land between the Massport Maritime Terminal and the Fish Pier. The facility could bring hundreds of jobs to the area, revitalize Boston’s fishing fleet and help make the city the fresh seafood capital of the East Coast, DeVillars says. The project, if approved, would put the facility in an old shipyard and dry dock adjacent to the Bank of America Pavilion off Northern Avenue.

DeVillars declined to name the members of the development team, saying that the project, which is estimated to cost as much as $100 million, has not yet been presented to City Hall. The investors are presently forming a company to formally propose the complex to the city, which will decide on whether to make the land, owned by the city’s Economic Development Industrial Corp., available for the project.

“At the stage of the project, it is important for us to fine tune this proposal and present it to elected and appointed officials before we are discussing it publicly,” DeVillars says. He adds that the group expects to make that presentation in about one month. If city officials approve of the plan, it will go before the Boston Redevelopment Authority and state and federal environmental officials.

Paul Haley, former Massachusetts House Ways and Means chairman who currently works with Lehman Brothers, has been brought into the discussions and has indicated that the investment banking firm may be interested in providing bond financing for the construction, a source familiar with the proposal states. Financing for the project may be provided through taxable and tax-exempt bonds, which could cover up to 80% or 90% of the project’s costs.

One of the project’s hurdles may be the possible relocation to the Bank of America Pavilion, which is adjacent to the site. One possibility is to move the entertainment tent to the top of one of the complex’s marine buildings, a source familiar with the plan tells GlobeSt.com.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.