MHI, headed by Greek businessman Sotirios Emmanouil, acquired the site nearly seven years ago and attempted to put into place a $100 million plan to revive the shipyard. His company received a number of loans and government subsidies for the proposed project, including a $55 million loan from the US Maritime Administration. When the company defaulted on the loan last January it was evicted by the federal government after which it filed for bankruptcy. Since then, MHI has insisted that outside financing was close at hand but nothing ever materialized.

"The liquidation process can go forward," Joseph Mannarino, executive director of Quincy 2000 Corp., a non-profit economic development corporation, tells GlobeSt.com. The agency was founded ten years ago to establish economic development initiatives for the city. Mannarino points out that the federal government now owns the site because the property was essentially the collateral for the loan.

But because the shipyard is a designated port area, its development options are limited to water-related industry. Mannarino says that a residential development or a marina would not be allowed under the current zoning regulations. Commercial use related to the water--such as ship repair--would be allowed. Also, a company that uses the port for industry, such as for transport, could develop on the site. Mannarino points out that Twin Rivers Technology, a company located on the other side of the Fore River Bridge, uses the port to deliver raw materials and finished products. "They have to have some water-related industry," notes Mannerino.