"In the northeast corridor, we don't have the manpower or the skilled draftsmen you need to run a shipyard," Alex Fineman of the Sciaba Cos., tells GlobeSt.com. "Shipyards are so high-tech these days." The developer of the parcel, Shipyard Associates, appointed the project management and design-build consortium of Sciaba and Architects & Associated Designers Inc. as general project manager for the redevelopment. While Fineman would not specify what developers were behind Shipyard Associates, he did say that some were from Europe.
The shipyard here had been sitting empty for years until two years ago when Massachusetts Heavy Industries attempted to revitalize the complex as a shipyard. Eventually, MHA, which is headed by Sotirios G. Emmanouil, was evicted by the US Maritime Administration after it defaulted on a $55-million bank loan guaranteed by the Federal agency. MHI filed for bankruptcy soon after the eviction.
Shipyard Associates is currently trying to get approval for its plan from US transportation officials and Federal bankruptcy courts. "They want someone who is able to start construction by their own labor forces," notes Fineman. "We have a massive labor force."
If the redevelopment proposal is approved, the plan, which is estimated to cost about $300 million, would involve a mix of about 70% residential space and 30% commercial and industrial space along with a shipbuilding facility for yachts. The public will have access to the water's edge via a boardwalk type walkway. According to Fineman, the overall concept of the complex will be to maintain the integrity of the shipyard. "We are going to build within the existing structure," he says. "The dry docks will become marinas. We don't want to lose the taste of the shipyard. We're going to bring this place back into the 1930s. It is going to be as authentic as we possibly can make it." Fineman is confident that the historical aspect of the complex will be a draw to potential customers. "People pay to live in history," he points out. "Look at Fanueil Hall. It used to be an old hay barn."
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