Front Street Shipyard in the US has finalised financing to build a new facility called Building 6 in Belfast, Maine. The company says construction will begin immediately on the 22,000sq ft building. It will accommodate large refits and commercial vessel construction projects, while adding about 40 more full-time jobs to the company.

Front Street Shipyard worked with the city of Belfast, regional banks and state and federal organisations to complete the purchase of the former city-owned parking lot. It gives the company prime waterfront real estate for its yacht refits.

“This expansion is only possible through the unwavering support of many institutions, organisations, regional officials and our local community,” says JB Turner, president of Front Street Shipyard, in a statement. “Their confidence in our ability to continue growing business, adding jobs, and enriching tourism to the region is humbling.”

Turner says the new building will streamline its work on larger vessels. It will be tall enough to accommodate a 485-tonne mobile hoist to bring yachts inside. The hoist is the largest in northern New England which, Turner says, will make the yard an attractive option for yacht and ship captains that need repair work to their vessels.

Building 6 will be ready by the autumn. The existing marina and workspaces at Front Street Shipyard will operate uninterrupted during the construction of the new facility.