long-term-leases-for-fishing-industry-on-the-fish-pier-massport-will-offer-market-rate-rents-and-continue-to-support-historic

Next week, the Massachusetts Port Authority (Massport) will begin negotiating long-term leases with its seafood processing tenants on the Boston Fish Pier. The agency will offer leases of up to 25 years at market rates to current businesses on the Fish Pier.

"I will work with City of Boston and the fishing community as we strive to keep our historic fishing tradition on the Fish Pier," said Massport CEO and Executive Director Craig P. Coy. "Massport remains focused on maintaining a strong maritime presence on Boston's waterfront."

The leases demonstrate Massport's commitment to retaining the seafood industry on the Fish Pier. Massport will also continue to subsidize operations on the Pier by providing:

Free berthing for active fishing vessels (berthing in Gloucester and Portland is approximately $4,500 per year per vessel)
Free space for Auction facility ($25,000 savings for the Auction)
Free security
Overall maintenance of the Pier including building, fender system, utility systems and roadways and aprons
Parking for processors and boat owners at rates far below market.
The tenants' current leases expire December 31, 2004. Currently, the average lease cost for processing space on the Fish Pier is approximately $8 per square foot. In comparison, the new Harbor Seafood Center nearby charges an average rent of $15.45 per square foot.

In February 2002, Massport's Board approved a policy statement to retain the Fish Pier for maritime use and to support the fishing industry. Since February, Massport staff has met with many of the tenants, conducted an analysis of the costs and revenues at the Fish Pier and retained the services of an independent real estate consultant familiar with maritime rents.

Since 1973, Massport has invested more than $16 million in fish processing and vessel related capital improvements on the Fish Pier. Massport will continue to invest in the Fish Pier to make sure that it remains the home of the Boston fishing fleet and related activities.

More in this Section