Port of New Bedford

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Special Announcement

 Mooring payments are due 4/15/17!

 

 

 

 

 

HDC Managed Real Estate

Overview of Waterfront Real Estate Assets

The HDC manages and maintains leases for 19 landside City-owned waterfront properties totaling almost 30 acres. In the early-1980s, the New Bedford Redevelopment Authority, by City Council approval, acquired blighted/abandoned waterfront properties as a strategy to redevelop suboptimal waterfront property and create jobs. Specifically, water- and/or maritime-based businesses were provided the opportunity to enter into long-term lease agreements on these properties.

The 99-year lease agreements, all of which were entered into in 1986-1987, are re-negotiated every 20 years (specifically, 18 months before the beginning of the next 20-year period). A property’s value is re-assessed to fair market value capped with a dollar amount set as part of the original lease agreement. Certain leases also allow for increase terms based on the Consumer Price Index. The Executive Director with support from HDC’s Legal Counsel is responsible for keeping and/or amending the lease agreements, which were last re-negotiated in 2007. The Financial Manager collects and tracks rents from the businesses.  The chart below lists the HDC landside property assets and click here to see their location.

HDC Real Estate Assets

NO.

Name of  Property/Tenant

Acreage

1

Tisbury Towing

 3.48

2

 Maritime Terminal, Inc.  2.94

3

Safe Harbor/Atlantic Coast/MEA Realty

 2.89

4

 Marine Hydraulics, Inc.

 1.99

5

 Seawatch International  1.73

6

 Seward Resources  1.71

7

 Bayline Boatyard  1.61

8

 Whaler Realty Co. – Nordic Fisheries  1.56

9

 Acushnet River Shipyard  1.53

10

 Trans City/Wharf Tavern  1.44

11

 Whaler Realty Co. – Nordic Fisheries  1.31

12

 Mar Lees/Max Finkel  1.19

13

 Seawatch International  1.10

14

 Robert Cook Welding  1.03

15

 Robert Cook Leasing  0.97

16

 Marvin Dolinsky  0.86

17

 Luzo Welding  0.74

18

 Maritime Terminal, Inc.  0.70

19

 Marvin Dolinsky  0.69
  Total  29.47

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