Two years after plans for a seafood processing plant fell through for a pair of Boston Marine Industrial Park parcels, the Economic Development and Industrial Corp. is seeking proposals for one of the sites.
A long-term industrial tenant is sought for Parcel N, a 3.25-acre site with a two-story, 160,000-square-foot, 1941 building originally used by the Navy for heavy metal fabrication.
"We're looking for a lessee occupant who would operate their business out of there as opposed to a developer who would be building something on spec," said Dennis Davis, deputy director of industrial development and commercial leasing for the Boston Redevelopment Authority/EDIC.
In 2011, the city had a tentative deal for American Seafood Exchange to build a $68.9 million seafood processing center on Parcel N and the adjacent Parcel M. But the company couldn't secure financing and withdrew in 2012.
Market conditions since have changed, Davis noted. "The capital markets are very favorable right now," he said. "This is one of the parcels … the BRA audit identified as potentially ripe for development."
The BRA audit, completed by accounting firm KPMG this past summer, recommended an asset-monetization plan to ensure BRA/EDIC properties were generating their optimal values.
The Parcel N building is structurally sound, but its skin, made of metal panels impregnated with asbestos, poses environmental issues. "We fully expect anybody ... more than likely would have to replace (it)," said Larry Mammoli, director of engineering and facilities management. "That's why it's been a challenge over the years."
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